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A $100,000 mortgage note was created, and the note entailed equal monthly payments of $2,500....

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Accounting

A $100,000 mortgage note was created, and the note entailed equal monthly payments of $2,500. The interest rate is 1% per month. How much interest expense is associated with the second month?

A. $985. B. $1,000. C. $1,515. D. $2,500. E. None of these.

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