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Account for Mortgages. Nunez Company has arranged to borrow $25,000 for five years at an interest rate of 8%. The annual payment will be $6,261.41.
Account for Mortgages. Nunez Company has arranged to borrow $25,000 for five years at an interest rate of 8%. The annual payment will be $6,261.41. When Nunez makes its first payment at the end of the first year of the loan, how much of the payment will be interest? show work
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