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On July 1, Shady Creek Resort borrowed $250,000 cash by signing a 10-year, 4% installment note requiring equal annual payments each June 30 of $43,250.
On July 1, Shady Creek Resort borrowed $250,000 cash by signing a 10-year, 4% installment note requiring equal annual payments each June 30 of $43,250. How much of the annual payment goes toward lowering the debt (notes payable) in year 3?
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