Question: Halep Inc. borrowed $10,108 from Davis Bank and signed a 7-year note payable stating the interest rate was 11% compounded annually. What is the interest

Halep Inc. borrowed $10,108 from Davis Bank and signed a 7-year note payable stating the interest rate was 11% compounded annually. What is the interest portion of the payment for year 1? Round to the nearest penny, two decimal places

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