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What is the amount of interest expense in year under GAAP

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Reference no: EM132812623

Question - You bought a piece of equipment by signing the following note payable.

The note is due at maturity and interest is due annually.

Face value 355,600

Coupon rate 4.3%

Market rate 7.5%

Term 6

Required - What is the amount of interest expense in year 3 under GAAP?

Reference no: EM132812623

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