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1. On Jan 1, 2019, Barkers Inc. borrowed $50,000 from the First Federal Bank. The note is a 5%, 10 year note to be paid

1. On Jan 1, 2019, Barkers Inc. borrowed $50,000 from the First Federal Bank. The note is a 5%, 10 year note to be paid in annual principal and interest installments of $6,475 at the end of each year. How much total interest will Barkers Inc. recognize over the life of the note? Please show work

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