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On July 1, Shady Creek Resort borrowed $450,000 cash by signing a 10-year, 9% installment note requiring equal payments each June 30 of $70,119. What

On July 1, Shady Creek Resort borrowed $450,000 cash by signing a 10-year, 9% installment note requiring equal payments each June 30 of $70,119. What amount of interest expense will be included in the first annual payment?

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