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On december 1, year 1, Bradley co incurs a 15 year $200,000 mortgage liability in...

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Accounting

On december 1, year 1, Bradley co incurs a 15 year $200,000 mortgage liability in conjunction with the acquisition of an office building. This mortgage is payable in monthly installments of $2,400 which include interest computed at the rate of 12% per year. The first payment is made on December 31, year 1.

Over the 15 year life of the mortgage, the total amount Bradley will pay for interest charges is:

a. 232,000

b. 360,000

c. 200,000

d 432,060

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