Question: The Highest Cost Contractors, Inc. took out an installment loan on 11/1 in the amount of $12,000 for 68 months with an annual interest rate

The Highest Cost Contractors, Inc. took out an installment loan on 11/1 in the amount of $12,000 for 68 months with an annual interest rate of 4%. On 11/30, when Highest Cost Contractors makes their first monthly payment (including principal and interest), what amount will be recorded into the interest expense account

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