Question: On July 1 2006 Maxine s Equipment Company signed a long term
On July 1, 2006, Maxine’s Equipment Company signed a long-term note with the local bank for $50,000. The term of the note was 10 years, at an annual interest rate of 8%. If Maxine’s makes annual payments of $7,451.47, beginning on June 30, 2007, how much of the first payment will be interest?
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