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AAA Co. is looking to replace its old equipment. A supplier offers AAA Co. a great deal. It will sell new equipment to AAA for

AAA Co. is looking to replace its old equipment. A supplier offers AAA Co. a great deal. It will sell new equipment to AAA for $85,000 on January 1, 2023, and issue a seven-year installment note payable at 6% interest. Installment payments of $7,525 are made semi-annually. How much is the principal balance of the note on December 31, 2023? Select one: a. $74,901 b. $85,000 c. $4,975 d. $80,025

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