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It is December 31, 2019. You decide to pay off the loan to Fake Bank of Kingsville for a property you bought 3 months ago.

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It is December 31, 2019. You decide to pay off the loan to Fake Bank of Kingsville for a property you bought 3 months ago. The loan amount is $ 25,000. So far you have not paid or accrued anything on this loan. Calculate the interest (assume 3 full months of interest and a 4% interest rate) Journalize the transaction to pay that interest and to pay off the principal of the loan in full

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