Andrea bought a car on January 1, Year1 for $6,000. Based on 5 equal annual...
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Accounting
Andrea bought a car on January 1, Year1 for $6,000. Based on 5 equal annual payments and 6% interest, the payments will be $1,425 at the end of each year. How much of Andrea's second payment (on 12/31/Year2) will be interest expense? Choose the answer closest to your calculation.
a. $296
b. $1,425
c. $360
d. $225
e. $338
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