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On November 1, 2016. Tim's Toys borrows $31, 200 000 at 7% to finance the holiday sales season. The note is for a six-month term

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On November 1, 2016. Tim's Toys borrows $31, 200 000 at 7% to finance the holiday sales season. The note is for a six-month term end both principal and interest are payable at maturity. What is the balance of interest payable for the loan as of December 31, 2016? $91,000. $1, 092,000. $182,000. $364,000

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