(Answered) On january 1 2015 tropical paradise borrows 30000 by

Accounting

On January 1, 2015, Tropical Paradise borrows $30,000 by agreeing to a 5%, four-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $690.88 are due at the end of each month with the first installment due on January 31, 2015.

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