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How much of the first mortgage payment was interest

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On January 1, 2011, Ajax Corporation signed a $1,000,000, 7%, 10-year mortgage note to buy a new warehouse. The note will be repaid in 10 equal annual installments of $142,378. The first payment was made on December 31, 2011. How much of the first mortgage payment was interest? Round your answer to the nearest dollar.

Reference no: EM131326585

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