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On February 28, 20x0, you borrow $901879 from a bank. The interest of 5% is payable annually each February 28th. The company has a December

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On February 28, 20x0, you borrow $901879 from a bank. The interest of 5% is payable annually each February 28th. The company has a December 31 year-end. The principal on the loan will be repaid in two payments of 450939.5 on February 28, 20x1 and February 28, 20x2. What is the interest expense on the loan at December 31, 20x1 (assuming the correct entry was made on February 28, 2018? Select one: O a $ 18789 Ob. $ 450940 Oc. $ 22547 O d. $ 37578

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