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13) Exercise 3. (15 points) On November 1, 2018, XYZ Co. borrowed $120,000 from Webster Bank and signed a 14%, 8-month note payable, all due

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13) Exercise 3. (15 points) On November 1, 2018, XYZ Co. borrowed $120,000 from Webster Bank and signed a 14%, 8-month note payable, all due at maturity. The interest on this loan is stated separately. a. How much must XYZ Co. pay to Webster Bank on July 1, 2019, when the note matures? b. How much interest expense will XYZ Co. recognize on this note in 2019? c. At December 31, 2018, XYZ Co.'s overall liability (principal + interest) for this loan amounts to: Type your answer here

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