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How much is the interest expense in year

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Question - Expanding Corporation financed a $500,000 expansion by mortgaging their head office building for seven years. They negotiated a rate of 5% per annum. They will make equal annual payments at the end of the year.

Note: if needed, complete the amortization table for the mortgage using the effective interest method.

How much is the interest expense in Year 3?

$13,072

$24,954

$19,181

$9,960

None of the other alternatives are correct.

Reference no: EM132164763

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