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Allstar Company signed a $250,000 mortgage on July 1, 2018 for the purchase of their...

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Accounting

Allstar Company signed a $250,000 mortgage on July 1, 2018 for the purchase of their new garage building. The mortgage entailed equal monthly payments of $3,000 at the end of each month. The interest rate is 5.0% per year. How much interest expense will be paid on August 31, 2018? (Round your answer to the nearest whole dollar.)

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