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On 1-1-2008 holmes co borrowed cash from first city bank by

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On 1-1-2008, Holmes Co. borrowed cash from First City Bank by issuing an $80,000 face value, 3-year term note that had a 7% annual interest rate. The note is to be repaid by making annual payments of $30,484 that include both interest and principal on 12-31. Holmes invested the proceeds from the loan in land that generated lease revenues of $40,000 cash per year.

Reference no: EM13597505

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