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10: On July 1, Shady Creek Resort borrowed $350,000 cash by signing a 10-year, 8.5% installment note requiring equal payments each June 30 of $53,343.

10: On July 1, Shady Creek Resort borrowed $350,000 cash by signing a 10-year, 8.5% installment note requiring equal payments each June 30 of $53,343. What amount of interest expense will be included in the first annual payment?

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