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On January 1, 20X3. Carter Ltd. issued a 15-year, $600,000 note payable, with annual fixed principal payments of $40,000. plus 5% interest. The cash payment

On January 1, 20X3. Carter Ltd. issued a 15-year, $600,000 note payable, with annual fixed principal payments of $40,000. plus 5% interest. The cash payment for the first year is: Select one: a. $40,000 b. $70,000 c. $42,000. O d. $30,000

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