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On January 1, 2011, Climax Corporation signed a $10,000,000, 6%, 10-year mortgage note to finance...

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Accounting

On January 1, 2011, Climax Corporation signed a $10,000,000, 6%, 10-year mortgage note to finance the construction of its new hotel in Cancun. The note will be repaid in 10 equal annual installments of $1,358,679. The first payment was made on December 31, 2011. How much of the first mortgage payment will be used to reduce the principal? Round your answer to the nearest dollar. A. 758,679 B. 1,358,679 C. 0 D. 600,000

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