Question: Grainfield Corporation's first payment on an 8 percent, $40,000, 10 year installment note that has quarterly payments is $1,462.23. After the first quarterly payment is

Grainfield Corporation's first payment on an 8 percent, $40,000, 10 year installment note that has quarterly payments is $1,462.23. After the first quarterly payment is made, what is the book value of the note payable to be reported on the balance sheet?

Group of answer choices

$39,200.00

$39,337.77

$39,883.02

$38,654.75

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