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On January 1, 2020, Korvette Ltd signs a $10,000 three-year note payable bearing 7% annual interest. The original principal and all interest are paid on

On January 1, 2020, Korvette Ltd signs a $10,000 three-year note payable bearing 7% annual interest. The original principal and all interest are paid on December 31, 2022. Interest is compounded annually. How much interest is allocated to the year 2021?

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