Solved: To the nearest dollar how much is the companys interest, Accounting Basics

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To the nearest dollar how much is the companys interest

Problem

On 1st July 2016 a company borrows $15,000 at 8% effective interest rate for four years. Under the terms of the loan it must make annual payments on 30th June each year of $4,529. to the nearest dollar, how much is the company's interest expense for this loan for the year ended 30th June 2018?

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Accounting Basics: To the nearest dollar how much is the companys interest

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