Mortgage is payable in monthly installments

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On December 1, 2014, Garden Corporation incurs a 30-year, $400,000 mortgage liability upon purchase of a warehouse. This mortgage is payable in monthly installments of $4,116, which include interest computed at the rate of 12% per year. The first monthly payment is made on December 31, 2014.

How much of the first payment made on December 31, 2014 is allocated to repayment of principal?

Reference no: EM131216778

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