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On July 1, Shady Creek Resort borrowed $420.000 cash by signing a 10-year, 12% Installment note requiring equal payments each June 30 of $74,334. What

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On July 1, Shady Creek Resort borrowed $420.000 cash by signing a 10-year, 12% Installment note requiring equal payments each June 30 of $74,334. What amount of interest expense will be included in the first annual payment? 12 Multiple Choice 550,400 $23.934 $74334 $42.000 $196,066

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