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How do solve balance of mortgage payable after payment

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Problem 1: On January? 1, 2018, Benbrook Company purchased equipment and signed a six-year mortgage note for $80,000 at 15?%. The note will be paid in equal annual installments of $21,139?, 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. $70,861
B. $58,861
C. $12,000
D. $60,351

Reference no: EM132676767

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