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What is the balance in the mortgage liability account

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Problem 1: On January 1, 2013, Muggle Inc. borrowed $80,000 to finance the purchase of machinery. The terms of the mortgage require payments to be made at the end of every month with the first payment of $1,700 due on January 31, 2013. The length of the mortgage is five years and the mortgage carries an interest rate of 10 percent compounded monthly. What is the balance in the mortgage liability account (to the nearest $) at 3/31/13 after the monthly mortgage payment is made?

Option 1: None of these
Option 2: $78,967
Option 3: $76,874
Option 4: $77,925

Reference no: EM132794702

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