Calculate the interest - building for your business

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Reference no: EM133377685

Question: You decided to purchase an office building for your business. The cost of the office was $200,000. Pig E Bank agreed to finance the purchase and offered you a 30-year 6.0% mortgage and required you to make a 10% down payment. You made the deposit by issuing check #104. Your monthly payments will be due on the fourth of each month, The first monthly note is due on October 4.

You accrued interest on the Pig E. Bank mortgage. Use 360 days in the year to calculate the interest. You are accruing the interest for the number of days interest earned since the signing of the note. (Show your computations in your journal).

Reference no: EM133377685

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