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Incorporateds cash budget indicates that they will be required to borrow $6,000 during the first quarter of 2023. They intend to repay the borrowings at

Incorporateds cash budget indicates that they will be required to borrow $6,000 during the first quarter of 2023. They intend to repay the borrowings at the end of the third quarter. They make borrowings at the beginning of the quarter and make repayments at the end of the quarter. If their annual interest rate is 9%, how much will their interest expense be for the loan?

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