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Cole Corporation purchased a building on January 2 by signing a long-term $500,000 note with monthly payments of $5,200. The note carries an interest rate
Cole Corporation purchased a building on January 2 by signing a long-term $500,000 note with monthly payments of $5,200. The note carries an interest rate of 10 percent. The amount owed on the notes payable at the end of the first month will be
a.
$498,967
b.
$500,000
c.
$494,800
d.
$454,800
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