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artic company borrowed $500,000 from BankTwo on January 1, 2009 in order to expand its missing capabilities. The five-year note required monthly payments of $10,850

artic company borrowed $500,000 from BankTwo on January 1, 2009 in order to expand its missing capabilities. The five-year note required monthly payments of $10,850 and carried an annual interest rate of 9.5%. What is the amount of interest expense artic must record with its first monthly payment (rounded to the nearest dollar)?

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