On January 1,2013,Thames Company purchases property and signs a 6-year mortgage note for $60,000 at 4%.Please see the partial amortization schedule below. 
For the year 2013,what will be the total interest expense recorded by Thames Company for this mortgage?
Definitions:
American Firms
Companies or corporations that are registered and operate in the United States, contributing to its economy.
Justice Department
A federal executive department of the U.S. government responsible for the enforcement of the law and administration of justice.
Market Power
The ability of a company or entity to influence the price of goods or services in a market.
Monopoly
An industry in which one firm produces all the output. The good or service produced has no close substitutes.
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