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Tangier 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

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Tangier 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 7.0% per year. How much interest expense will be paid on August 31, 2018? (Round your answer to the nearest whole dollar.) Your

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