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For an answer that requires a dollar amount as the answer, do NOT use a "$", commas or decimals

Accounting

For an answer that requires a dollar amount as the answer, do NOT use a "$", commas or decimals. So, if you get an answer of "$1,200.00", please input your answer as "1200". The fact pattern is the same for all questions. A company purchased a vehicle on January 1, 2019. The company paid $10,000 at the purchase date and financed the balance of $35,000 with an 8% Note Payable, which requires semi-annual payments on June 30 and December 31 of each year for five years (the last payment will be on December 31, 2023). Each payment is $4,315. What is the balance in the Notes Payable T-account, AFTER the December 31, 2019, payment is made? Please round DOWN to the nearest whole dollar. So, if your answer is 20,123.4C you should input "20123" and NOT "20124"

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Interest expense for first payment 1400 =35000*8%*6/12
Note payable balance reduction 2915 =4315-1400
Interest expense for second payment 1283.40 =(35000-2915)*8%*6/12
Note payable balance reduction 3031.60 =4315-1283.40
     
Balance in Note Payable T-account 29053 =35000-2915-3031.60

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