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On January 1, Year 1. Jack incorporated borrows $38,000 to purchase a new company car by agreeing to a 6%,5y year note with the bank.

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On January 1, Year 1. Jack incorporated borrows $38,000 to purchase a new company car by agreeing to a 6%,5y year note with the bank. Payments of $734.65 are due at the end of each month with the first installment due on January 31, Yoar 1 . What are the amounts of interest and principal, respectively, that will be paid in the first month? Multiple Choice 554465and519000 $19000 and $544.65 $2.28000 and $54463 515000 and $73465

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