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How much interest will be reported in connection

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Question - Johnson Enterprises borrowed $100,000 on July 1, 2013, to finance the purchase of a building. The mortgage requires payments of $1,075 to be made at the end of every month for 15 years with the first payment being due on July 31, 2013. The interest rate on the mortgage is 10 percent compounded monthly. How much interest (within $5) will be reported in 2013 in connection with this mortgage?

a. $3,320

b. $4,145

c. $4,789

d. None of these

Reference no: EM132829754

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