On January 1, 2013, your brother's business obtained a 30-year
amortized mortgage loan for $350,000 at a nominal annual rate of
7.35%, with 360 end-of-month payments. The firm can deduct the
interest paid for tax purposes. What will the interest tax
deduction be for 2017?
Calculate using at least 4 decimal points and round your answer to
two decimal places. For example, if your answer is $345.667 round
as 345.67 and if your answer is .05718 or 5.718% round as 5.72 in
the answer box provided.
Please show work.