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Simmons borrowed $178,000 on April 1, 2016, and signed a four-year note bearing interest at 9%. Interest is payable in full at maturity on March
Simmons borrowed $178,000 on April 1, 2016, and signed a four-year note bearing interest at 9%. Interest is payable in full at maturity on March 31 2020. Simmons should report interest expense at December 31, 2016, of $________________ (round your answer to the nearest whole number) |
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