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On January 1, 2016, Nantucket Ferry borrowed $15,300,000

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On January 1, 2016, Nantucket Ferry borrowed $15,300,000 cash from
BankOne and issued a five-year, $15,300,000, 5% note. Interest was payable annually on December 31. I can’t figure out how to get my interest I tried to multiply 15,300,000 x 0.05 = 756000 but that is not right so not sure how to proceed

 
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