On July 1, Smith Company borrowed $430,000 cash by signing a 10-year, 8% installment note requiring equal payments each June 30 of $64,083. What amount of interest expense will be included in the first

On July 1, Smith Company borrowed $430,000 cash by signing a 10-year, 8% installment note requiring equal payments each June 30 of $64,083. What amount of interest expense will be included in the first annual payment?

a. $29,683
b. $34,400
c. $400,317
d. $43,000
e. $64,083

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On July 1, Smith Company borrowed $430,000 cash by signing a 10-year, 8% installment note requiring equal payments each June 30 of $64,083. What amount of interest expense will …

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