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Question 5 (1 point) XYZ Inc. has a December 31 fiscal year end. On August 1, 2020, XYZ Inc. borrowed 280000 at 9 percent annual

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Question 5 (1 point) XYZ Inc. has a December 31 fiscal year end. On August 1, 2020, XYZ Inc. borrowed 280000 at 9 percent annual interest repayable on August 1, 2026. The company has no other liabilities that it has to pay interest on. Calculate interest expense for the year ended December 31, 2020. Round your answer to the nearest dollar. Your

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