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Find how much interest expense will be paid on August

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Question 1: Allstar Company signed a $200,000 mortgage on July 1, 2018 for the purchase of their new garage building. The mortgage entailed equal monthly payments of $2,800 at the end of each month. The interest rate is 4.0% per year. Find how much interest expense will be paid on August 31, 2018?

Question 2: On January 1, 2018, Baltimore Company issued $150,000 face value, 6%, 5-year bonds at 102. Interest is paid annually on January 1. Baltimore uses the straight-line method for amortization. Use this information to determine the dollar value of the interest expense for the 2018 fiscal year. Round your answer to the nearest whole dollar.

Reference no: EM132631388

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