Question: Corporation borrowed $ 3 7 , 0 0 0 from F&M Bank on June 1 of the current yearThe bank required 5 % interestInterest will

Corporation borrowed $

37, 000

from F&M Bank on June

1

of the current yearThe bank required

5 %

interestInterest will be paid when the ninemonth note becomes dueWhat is the interest expense for the subsequent year in which the note is due and paid

(

Do not round intermediate calculationsOnly round your final answer to the nearest dollar

)

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