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Question
collins company borrowed $500,000 from banktwo on january 1, 2011 in order to expand its mining capabilities. the five-year note required annual payments of $130,218 and carried an annual interest rate of 9.5%. what is the balance in the notes payable account at december 31, 2012?
a.$500,000
b.$326,706
c.$417,282
d.$405,000
Answer
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