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Question
finney company borrowed €800,000 from banktwo on january 1, 2011 in order to expand its mining capabilities. the five-year note required annual payments of €208,349 and carried an annual interest rate of 9.5%. what is the balance in the notes payable account at december 31, 2012?
a.€800,000
b.€522,729
c.€667,651
d.€648,000
Answer
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