Allstar Company signed a $100,000 mortgage on July 1, 2021 for the purchase of their new garage building. The mortgage e

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answerhappygod
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Allstar Company signed a $100,000 mortgage on July 1, 2021 for the purchase of their new garage building. The mortgage e

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Allstar Company signed a $100,000 mortgage on July 1,2021 for the purchase of their new garage building. The mortgageentailed equal monthly payments of $2,900 at the end of each month.The interest rate is 7% per year. How much interestexpense will be paid on August 31, 2021? Do not use actual days;assume a 360 day year and 30 day months. Round your answer to thenearest whole number (no cents).
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