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On November 1, 2013, Tim's Toys borrows $29,400,000 at 12% to finance the holiday sales season. The note is for a six-month term and both

On November 1, 2013, Tim's Toys borrows $29,400,000 at 12% to finance the holiday sales season. The note is for a six-month term and both principal and interest are payable at maturity. What is the balance of interest payable for the loan as of December 31, 2013?

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