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A corporation issues a $750,000, 13%, 15-year mortgage note. The terms provide for annual installment payments...

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Question

Accounting

A corporation issues a $750,000, 13%, 15-year mortgage note. Theterms provide for annual installment payments of $102,319. What isthe remaining unpaid principal balance of the mortgage payableaccount after the second annual payment?

Group of answer choices

$744,375

$652,500

$745,181

$738,075

$739,735

Answer & Explanation Solved by verified expert
3.6 Ratings (513 Votes)
Answer The correct answer is Option 5 739735 Explanation Given data Principle amount 750000 Interest 13 Annual installment payments 102319 Calculation    See Answer
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