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3 . Borden Trucking Company took out a loan from a bank on January 1 , 2 0 2 1 , creating a note payable

3. Borden Trucking Company took out a loan from a bank on January 1,2021, creating a note payable liability. Under the terms of the loan, Borden agreed to repay the bank in three annual installments of $100,000 apiece at the end of each of the next three years, starting on December 31,2021. The bank will charge Borden the market interest rate of 10% compounded annually.
What will be the amount of the 2023 interest expense related to this loan? Round your answer to the nearest dollar.

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