On July 1, Shady Creek Resort borrowed $250,000 cash by signing a 10-year, 8% installment note requiring equal payments each June 30 of $37,258. What amount of interest expense will be included in the first annual payment?
A. $20,000
B. $37,258
C. $232,742
D. $25,000
E. $17,258
Answer: A
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