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You just took out a $12,000 loan for your small business. The loan has a four year term and repayment is in the form of

You just took out a $12,000 loan for your small business. The loan has a four year term and repayment is in the form of four equal endminusofminusyear payments. The interest rate on the loan is 11.5%. What is your total interest expense in the first year of the loan?

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