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ABC Corporation borrows $12,000 cash on February 1. The loan has an annual interest rate of 9 percent and a 10-month maturity, with the principal

ABC Corporation borrows $12,000 cash on February 1. The loan has an annual interest rate of 9 percent and a 10-month maturity, with the principal and all interest due on November 30. What is ABC's balance of Interest payable at July 31?

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