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Calculate the balance of mortgage payable after the payment

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Problem 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.)

A) $24,000

B) $117,722

C) $141,722

D) $120,702

Reference no: EM132731385

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