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What is the net effect on the following items

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Question - Your Corporation issues a 6-year note payable on January 1, 2020 for $5,000. The interest rate is 7% and the annual payment of $1,049, due each December 31, includes both interest and principal. What is the net effect on the following items of the December 31, 2020 payment?

Reference no: EM132768392

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