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Calculate the balance of mortgage payable after the payment

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Question 1: On January 1, 2018, Benbrook Company purchased equipment and signed a six-year mortgage note for $160,000 at 15%. The note will be paid in equal annual installments of $42,278, beginning January 1, 2019. Calculate the balance of Mortgage Payable after the payment of the first installment. (Round your answer to the nearest whole number.)

Select one:

A. $117,722

B. $120,702

C. $141,722

D. $24,000

Reference no: EM132597687

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