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Avant took out a 10-year note payable in the amount of $65,000 to pay for operating expenses. Interest payments are due every six months and

Avant took out a 10-year note payable in the amount of $65,000 to pay for operating expenses. Interest payments are due every six months and the balance of the note will be paid off in a lump-sum in 10 years. The interest rate is 12% annually, that is, 6 % every six months.

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