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Your Company borrowed $30,000 on March 1, 2022 from the National Bank for an 12-month term. Your Company agreed to pay interest annually at the

Your Company borrowed $30,000 on March 1, 2022 from the National Bank for an 12-month term. Your Company agreed to pay interest annually at the rate of 4.5% per year. What is the amount of interest expense appearing on the 2022 income statement? (Round to nearest dollar if you need to.)

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