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Peachtree Company borrows $30,000 from the local bank at 7% interest. The term of the note is five years and the annual payments remain constant

Peachtree Company borrows $30,000 from the local bank at 7% interest. The term of the note is five years and the annual payments remain constant at $7,317. Determine the decrease in notes payable that Peachtree Company should record in the first year. a.$1,735 b.$5,217 c.$2,100 d.$7,317

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