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Calculate the balance of mortgage payable

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Question - On January 1, 2016, Brubeck Company purchased equipment and signed a six-year mortgage note for $110,000 at 15%. The note will be paid in equal annual installments of $29,066, beginning January 1, 2017. Calculate the balance of Mortgage Payable after the payment of the first installment.

Reference no: EM131697611

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