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How much should be recorded for interest expense

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Reference no: EM132822449

Problem 1: ABC company take a $125,000, 6%, five-year loan on January 1, 2018. How much should be recorded for interest expense for the first payment on January 31, 2018?

a. $125
b. $625
c. $1,000
d. $7,500

Reference no: EM132822449

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