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Lime Company signed a three-year note payable for $58,000 at 7% annual interest. What is the interest expense for Year 1 if the note was

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Lime Company signed a three-year note payable for $58,000 at 7% annual interest. What is the interest expense for Year 1 if the note was signed on August 1, Year 1? (Do not round any intermediate calculations, and round your final answer to the nearest dollar.) $12,180 O $1692 O $2030 O $4060

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