Question: On Oct 1 , 2 0 2 2 , Sydneys Scuddle Bugs borrows $ 5 0 , 0 0 0 , 0 0 0 at

On Oct 1,2022, Sydneys Scuddle Bugs borrows $50,000,000 at 5% to finance the holiday sales season. The note is for a five-month term and both principal and interest are payable at maturity. What is the balance of interest payable for the loan as of December 31,2022? Please indicate whether the balance is short-or long term. Round to the nearest whole dollar.

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