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Universal Travel Inc. borrowed $503,000 on November 1,2021 , and signed a 12-month note bearing Interest at 8%. Interest is payable in full at maturity

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Universal Travel Inc. borrowed $503,000 on November 1,2021 , and signed a 12-month note bearing Interest at 8%. Interest is payable in full at maturity on October 31,2022 . In connection with this note, Universal Travel inc. should report interest payable at December 31, 2021, in the amount of (Round your final answers to the nearest whole dollar.)

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