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On November 30, 2018, EZ Products borrowed $48,000 on a 5%, 10-year note with annual installment payments of $4,800 plus interest due on November 30 of each succeeding year. How much interest expense should be accrued at December 31, 2018 for the period of November 30 through year-end?
Select one:
a. $200
b. $400
c. $2,400
d. $1,200
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Solved in 2 steps
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