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Compute how much interest expense will be paid on august

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Problem 1: Allstar Company signed a $100,000 mortgage on July 1, 2021 for the purchase of their new garage building. The mortgage entailed equal monthly payments of $2,700 at the end of each month. The interest rate is 7% per year. How much interest expense will be paid on August 31, 2021? Do not use actual days; assume a 360 day year and 30 day months.

Reference no: EM132985736

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