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