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What would be the amount of interest expense

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Reference no: EM132811955

Problem 1: Terms: Borrowed $30,000 by signing a 5 year installment note with 5% interest and annual payments of $6,929.24. What would be the amount of interest expense for the 1st period?

a. $1,500

b. $ 750

c. $125

d. $15,000

Reference no: EM132811955

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