On November 1, Year 1, Bradley Corporation incurs a 15-year $200,000 mortgage liability in conjunction...
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On November 1, Year 1, Bradley Corporation 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 second monthly payment is made on December 31, Year 1. How much of the second payment made on December 31, Year 1, represents interest expense? A. $400. B. $1,996. C. $2,000. D. $4,000.
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