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Question 5 3 pts On August 1, 2024, Thomas Company borrowed $39,000 from a bank on an 8%, 7-month note payable. On April 1, 2025

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Question 5 3 pts On August 1, 2024, Thomas Company borrowed $39,000 from a bank on an 8%, 7-month note payable. On April 1, 2025 Thomas Company borrowed $72,000 from a bank on a 19%, 11-month note payable. Calculate the total amount of interest expense related to these two loans that Thomas Company would report in its 2025 income statement

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