Question: Borrow $ 1 2 0 , 0 0 0 from Captive Credit Corporation. The installment note bears interest at 5 % annually and matures in

Borrow $120,000 from Captive Credit Corporation. The installment note bears interest at 5% annually and matures in 5 years. Payments of $2,265 are required at the end of each month for 60 months. Record the issuance of the long-term note payable.

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