On October 1 2006 Gandalf Inc Borrowed 330 000 To Finance The Purchase Of A Building 1690212

On October 1, 2006, Gandalf, Inc. borrowed $330,000 to finance the purchase of a building. The terms of the mortgage require payments of $2,000 to be made at the end of every month with the first payment being due on October 31, 2006. The length of the mortgage is thirty years, and the mortgage carries an annual interest rate of 6%. The amount of interest expense that Gandalf would report on its 2006 income statement related to this mortgage is equal to: Question 2 options: A) $4,683.46 B) $4,848.48 C) $4,950.00 D) $4,755.85 E) $4,944.74

Prof. Angela

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