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Question 8 Fornelli Corporation borrowed $800,000 from Central Bank on May 31,2019. The...

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Accounting

Question 8
Fornelli Corporation borrowed $800,000 from Central Bank on May 31,2019. The three-
year, 7% note required annual payments of $304,840 beginning May 31,2020. The total
amount of interest to be paid over the life of the loan is
$114,520.
$168,000
$56,000
$223,470.
image

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