Delmar Company purchased a building on January 2 by signing a long-term $720,000 mortgage with monthly payments of $6,600. The mortgage carries an interest rate of 10 percent. The amount owed on the mortgage after the first payment will be
A) $720,000.
B) $719,400.
C) $714,000.
D) $713,400.

Question

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The Answer of Delmar Company purchased a building on January 2 by signing a long-term $720,000 mortgage with monthly payments of $6,600. The mortgage carries an interest rate of 10 percent. The amount owed on the mortgage after the first payment will be
A) $720,000.
B) $719,400.
C) $714,000.
D) $713,400.

Delmar Company Purchased a Building on January 2 by Signing