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On January 1, 2019, Carter Ltd. issued a 15-year, 5%, $600,000 note payable, with annual fixed principal payments of $40,000, plus interest. The cash payment

On January 1, 2019, Carter Ltd. issued a 15-year, 5%, $600,000 note payable, with annual fixed principal payments of $40,000, plus interest. The cash payment for the first year is: $30,000 $42,000 $40,000 $70,000

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