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5. GE borrows $3,000,000 at 10% annual interest rate from Chase bank on March 31, 2016. Annual interest is payable on March 31 for the

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5. GE borrows $3,000,000 at 10% annual interest rate from Chase bank on March 31, 2016. Annual interest is payable on March 31 for the next five years. How much should GE record as interest payable on December 31, 2016? $3,000,000 $0 $300,000 $225,000

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