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KHS&R Contractors took out an installment loan on 1/1 in the amount of $12,000 for 60 months with an annual interest rate of 6%. On

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KHS&R Contractors took out an installment loan on 1/1 in the amount of $12,000 for 60 months with an annual interest rate of 6%. On 1/31, when KHS&R makes their first monthly payment (including principal and interest), what amount will be recorded into the interest expense account

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