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On July 1, Shady Creek Resort borrowed $480,000 cash by signing a 10-year, 10.5% installment note requiring equal payments each June 30 of $79,803. What

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On July 1, Shady Creek Resort borrowed $480,000 cash by signing a 10-year, 10.5% installment note requiring equal payments each June 30 of $79,803. What amount of interest expense will be included in the first annual payment? Multiple Choice O $48,000 $29,403 O $50,400 O $79,803 O O $450,597

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