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Rainier Company borrowed $740,000 for three months. The annual interest rate on the loan was 14 percent. Rainiers fiscal year ends on December 31. Rainier
Rainier Company borrowed $740,000 for three months. The annual interest rate on the loan was 14 percent. Rainiers fiscal year ends on December 31. Rainier borrowed the $740,000 one month prior to the start of its current fiscal year and paid back the $740,000 plus interest two months into its current fiscal year.
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