Question: This is a new problem with new numbers, start the problem over. A company bought a piece of equipment at the beginning of the year

This is a new problem with new numbers, start the problem over.

A company bought a piece of equipment at the beginning of the year (January 1, 20X1) by signing the following note payable.

The note is due at maturity and interest is due annually.

Face value 260,000
Coupon rate 3.00%
Market rate 7.40%
Term 4

What is interest expense in year 3?

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