Question: TB MC Qu . 1 4 3 ( Algo ) On July 1 , Shady Creek Resort borrowed... On July 1 , Shady Creek Resort

TB MC Qu.143(Algo) On July 1, Shady Creek Resort borrowed...
On July 1, Shady Creek Resort borrowed $320,000 cash by signing a 10-year, 11.5% installment note requiring equal payments each June 30 of $55,480. What amount of interest expense will be included in the first annual payment?
Multiple Choice
$32,000
$55,480
$301,320
TB MC Qu.143(Algo) On July 1, Shady Creek Resort borrowed... On

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