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On November 1, Year 1, Orange Company borrowed $58,000 on a 8%, 10-year note with annual installment payments of $5800 plus interest due on November
On November 1, Year 1, Orange Company borrowed $58,000 on a 8%, 10-year note with annual installment payments of $5800 plus interest due on November 1 of each succeeding year. On November 1, Year 3, what is the balance of the Long-Term Notes Payable account? (Round your answer to nearest whole number.)
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