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on November 1, xxx1, the company issued an interest-bearing note payable to Credit Union. The principal amount was $22,200, a six-months term, and an annual

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on November 1, xxx1, the company issued an interest-bearing note payable to Credit Union. The principal amount was $22,200, a six-months term, and an annual interest of 12%. (4 points) 8. Determine the amount of interest expense for the first year xxx1. a) $444 b) $2,664 c) $222 You MUST show your calculations: (4 points) 9. Determine the amount of interest expense for the second year xxx2. a) $888 b) $1,332 c) $444 You MUST show your calculations

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