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Brooks Co owes money to Richie Co. The arrangement has been documented on a promissory note with the following details: Principal balance $13725 Annual interest

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Brooks Co owes money to Richie Co. The arrangement has been documented on a promissory note with the following details: Principal balance $13725 Annual interest rate 7% Loan length 9 months Assuming 3 months have passed since the origination of the loan without any previous related adjusting journal entries, how much interest should be recorded for this loan for this 3 month period

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