Question: On January 1 , 2 0 2 4 , the company obtained a $ 3 million construction loan with a 1 1 % interest rate.

On January 1,2024, the company obtained a $3 million construction loan with a 11% interest rate. Assume the $3 million loan is not specifically tied to construction of the building. The loan was outstanding all of 2024 and 2025.

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