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ABC company took out a one-year bank loan of $24,000 on June 1, 2019. The bank charges an annual interest rate of 5%. The loan

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ABC company took out a one-year bank loan of $24,000 on June 1, 2019. The bank charges an annual interest rate of 5%. The loan interest and principal will be repaid all together on June 1, 2020. How much is the total interest expense on December 31, 2019? a) $700 b) $1,200 Oc) $500 d) $0

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