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What amount owed on mortgage making first monthly payment

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Problem 1: Wharton Company purchased a building on January 2 by signing a long-term $500,000 mortgage with monthly after payments of $6,600. The mortgage carries an interest rate of 10 percent. The amount owed on the mortgage making the first monthly payment will be:

Option 1: $500,000.

Option 2: $497,567.

Option 3: $493,400.

Option 4: $495,728.

Reference no: EM132807073

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