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On August 1, a $48,000, 9%, 3-year installment note payable is issued by a company. The note requires equal payments of principal plus accrued interest

On August 1, a $48,000, 9%, 3-year installment note payable is issued by a company. The note requires equal payments of principal plus accrued interest be paid each year on July 31. The present value of an annuity factor for 3 years at 9% is 2.5313. The payment each July 31 will be:

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