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Camp Elim issues a $125,000, 6%, five-year installment note payable for a new camp bus on January 1, 2021. What amount will be recorded for

Camp Elim issues a $125,000, 6%, five-year installment note payable for a new camp bus on January 1, 2021. What amount will be recorded for interest expense for the first payment on January 31, 2021?

Multiple Choice

$625

$1,000

$125

$7,500

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