Allstar Company signed a $100,000 mortgage on July 1, 2021 for the purchase of their new garage building. The mortgage e
Posted: Wed Jul 06, 2022 6:15 pm
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).