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On January 1, 2024, Monster Corporation borrowed $28 million from a local bank to construct a new highway over the next four years. The loan
On January 1, 2024, Monster Corporation borrowed $28 million from a local bank to construct a new highway over the next four years. The loan will be paid back in four equal installments of $8,266,387 on December 31 of each year. The payments include interest at a rate of 7%.
3. Use amounts from the amortization schedule to record each installment payment.
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