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Question
hillwood clinic borrows $90,000 from the bank with the following terms: $20,000 of the this amount to be paid in year 1, $30,000 to be paid in year 2, and $40,000 to be paid in year 3 . at the beginning of year 1 the loan is classified as follows:
a. $20,000 short-term note payable plus $70,000 long-term note payable
b. $50,000 short-term note payable plus $40,000 long-term note payable
c. $90,000 long-term note payable
d. none of the above
Answer
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