Enabled: Exam # $3($CH$8,9,10,$ and $11)$

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On July $1,$ Shady Creek Resort borrowed $$360,000$ cash by signing a $10-$year, $9\%$ installment note requiring equal payments each June $30$ of $$56,095.$ What amount of interest expense will be incl$$ded in the first annual payment?

Multiple Choice

$$32,400$

$$336,305$

$$23,695$

$$56,095$

$$36,000$