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On January 1, 2010, Fleming Company borrowed $160,000 cash from the First Trust Bank by issuing a five-year 8 % term note. The principal and

On January 1, 2010, Fleming Company borrowed $160,000 cash from the First Trust Bank by issuing a five-year 8 % term note. The principal and interest are repaid by making annual payments beginning on December 31, 2010. The annual payment on the loan was $40,074. 16. The amount of principal repayment included in the December 31, 2010 payment is:

a. $37,329.

b. $27,274.

c. $40,575.

d. $27,615.

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