Horton Company purchased a building on January 2 by signing a long-term $480,000 mortgage with monthly payments of $4,500. The mortgage carries an interest rate of 10 percent. The amount owed on the mortgage after the first payment will be
A) $480,000.
B) $479,500.
C) $476,000.
D) $475,500.

Question

Quizplus · Accepted Answer

The Answer of Horton Company purchased a building on January 2 by signing a long-term $480,000 mortgage with monthly payments of $4,500. The mortgage carries an interest rate of 10 percent. The amount owed on the mortgage after the first payment will be
A) $480,000.
B) $479,500.
C) $476,000.
D) $475,500.

Horton Company Purchased a Building on January 2 by Signing