Multiple Choice
Horton Company purchased a building on January 2 by signing a long-term $480,000 mortgage with monthly payments of $4,500.The mortgage carries an interest rate of 10%.The amount owed on the mortgage after the first payment will be
A) $480,000.
B) $479,500.
C) $476,000.
D) $475,500.
Correct Answer:
Verified
Correct Answer:
Verified
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