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West Company borrowed $38,000 on September 1 from the valley bank . West agreed to pay interest annually at the rate of 9percent per year

West Company borrowed $38,000 on September 1 from the valley bank . West agreed to pay interest annually at the rate of 9percent per year . The note issued by the west carried an 18 month term. Based on this information the amount of interest expense appearing on West year 1 income statement would be

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