Question: Lime Company signed a three - year note payable for $ 5 0 , 0 0 0 at 1 2 % annual interest. What is

Lime Company signed a three-year note payable for $50,000 at 12% annual interest. What is the interest expense for Year 1 if the note was signed on August 1, Year 1?(Do not round any intermediate calculations, and round your final answer to the nearest dollar.)

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