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Question
wolford company borrowed $750,000 from u.s. bank on january 1, 2011 in order to expand its mining capabilities. the five-year note required annual payments of $195,327 and carried an annual interest rate of 9.5%. what is the balance in the notes payable account at december 31, 2012?
a.$750,000
b.$490,059
c.$625,923
d.$607,500
Answer
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