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On July 1, 2020, Alfa Limited borrowed $600,000 from a bank for a 6-year period at a 12% interest rate. The firm must make a

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On July 1, 2020, Alfa Limited borrowed $600,000 from a bank for a 6-year period at a 12% interest rate. The firm must make a fixed monthly loan payment of $11,730. Which of the followings is correct when recording monthly loan payment for account Bank Loan Payable on July 31, 2020? Debit Bank Loan Payable $4,530 Debit Bank Loan Payable $11,730 Debit Bank Loan Payable $6,000 Debit Bank Loan Payable $5,730 Page 12 of 19 Previous Page Next Page 16

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