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What is the interest income for beta corp

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Problem 1: Beta Corp. has a $4,000,000 note receivable from the sale of land with an interest rate of 11% per year. The note was written on April 1, 2018. Every April 1, the note is payable in four yearly installments of $1,000,000 plus interest on the outstanding amount. On April 1, 2019, the first principal and interest payment was made. What is the interest income for 2019?

Reference no: EM132964482

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