How much interest would you owe on your mortgage next, Financial Management

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How much interest would you owe on your mortgage next

Suppose your mortgage balance was $60,000 and you had a floating-rate mortgage that called for you to pay interest at an annual rate of 2.75 percent over the 1-year T-bill rate, and the T-bill rate has been averaging 2.05 percent. How much interest would you owe on your mortgage next month?

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