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Chem Co issues a note in the amount of $173,000 to a customer on January 1, 2018. Terms of the note show a maturity date
Chem Co issues a note in the amount of $173,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 5%. What is the accumulated interest entry if 2 months have passed since note establishment? (rounded to two decimal places; if whole number included (.00))
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