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Peachtree Company borrows $40,000 from the local bank at 8% interest. The term of the note is 4 years, and the annual payments remain constant

Peachtree Company borrows $40,000 from the local bank at 8% interest. The term of the note is 4 years, and the annual payments remain constant at $12,077. Determine the interest expense Peachtree Company should record in the second year. a. $2,490 b. $12,077 c. $3,200 d. $8,877

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