Ayayai Corp. borrowed $840,000 from National Bank on May 31, 2019. The 3-year, 7% note required annual

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Ayayai Corp. borrowed $840,000 from National Bank on May 31, 2019. The 3-year, 7% note required annual payments of $320,083 beginning May 31, 2020. The total amount of interest to be paid over the life of the loan is

a.$58,800.

b.$120,249.

c.$234,649.

d.$176,400.

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: Dec 30, 2022 06:32 AM

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Ayayai Corp. borrowed $840,000 from National Bank on May 31, 2019. The 3-year, 7% note required annual

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