Homework answers / question archive / Allstar Company signed a $300,000 mortgage on July 1, 2018 for the purchase of their new garage building

Allstar Company signed a $300,000 mortgage on July 1, 2018 for the purchase of their new garage building

Accounting

Share With

Allstar Company signed a $300,000 mortgage on July 1, 2018 for the purchase of their new garage building. The mortgage entailed equal monthly payments of $2,500 at the end of each month. The interest rate is 4.0% per year.  How much interest expense will be paid on August 31, 2018? (Round your answer to the nearest whole dollar.)