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Halep Inc. borrowed $30,391 from Davis Bank and signed a 2-year note payable stating the interest rate was 5% compounded annually. What is the interest

Halep Inc. borrowed $30,391 from Davis Bank and signed a 2-year note payable stating the interest rate was 5% compounded annually. What is the interest portion of the payment for year 1? Round to the nearest penny, two decimal places.

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