Norton Company purchased a building on January 2 by signing a long-term $480000 mortgage with monthly payments of $4500. The mortgage carries an interest rate of 10 percent. The amount owed on the mortgage after the first payment will be
A) $480000.
B) $479500.
C) $476000.
D) $475500.

Question

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The Answer of Norton Company purchased a building on January 2 by signing a long-term $480000 mortgage with monthly payments of $4500. The mortgage carries an interest rate of 10 percent. The amount owed on the mortgage after the first payment will be
A) $480000.
B) $479500.
C) $476000.
D) $475500.

Norton Company Purchased a Building on January 2 by Signing