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Question 7 Tim Company borrowed $150,000 from a local bank on January 1, 2019 The loan is a 5-year note payable that requires semi-annual payments

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Question 7 Tim Company borrowed $150,000 from a local bank on January 1, 2019 The loan is a 5-year note payable that requires semi-annual payments of $24,000 every June 30 and December 31, beginning June 30, 2019. Assume the loan has a 20% interest rate, compounded semi-annually. Calculate the amount of the note payable at December 31, 2019 that would be classified as a long-term liability

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