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How much interest expense will be paid on August

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Reference no: EM132932113

Question - 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 $3,000 at the end of each month. The interest rate is 8% 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. Round your answer to the nearest whole number (no cents).

Reference no: EM132932113

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