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On January 1, 2019, ABC Company borrowed $120,000 from the bank. The loan is a...

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Accounting

On January 1, 2019, ABC Company borrowed $120,000 from the bank. The loan is a 7-year note payable that requires annual payments of $24,500 every December 31, beginning December 31, 2019. Assume the loan has an interest rate of 10% compounded annually. Calculate the balance in the note payable account at December 31, 2020.

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