On January 1, 2016, Brubeck 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, 2017. 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
C .Beginning
Balance Principal
Payment Interest
Expense Total
Payment Ending
Balance
01/01/2016 $160,000
01/01/2017 $160,000 $18,278 $24,000 $42,278 141,722
01/01/2018 141,722 21,020 21,258 42,278 120,702
01/01/2019 120,702 24,173 18,105 42,278 96,529
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