Allstar Company signed a $100,000 mortgage on July 1, 2021 for the purchase of their...
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Accounting
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 $2,800 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).
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