On December 1, Year 1, Fisher Corporation incurs a 30-year, $400,000 mortgage liability upon purchase of a warehouse. This mortgage is payable in monthly installments of $4,116, which include interest computed at the rate of 12% per year. The first monthly payment is made on December 31, Year 1.
-How much of the first payment made on December 31, Year 1, is allocated to repayment of principal?
$________

Question

On December 1, Year 1, Fisher Corporation incurs a 30-year, $400,000 mortgage liability upon purchase of a warehouse. This mortgage is payable in monthly installments of $4,116, which include interest computed at the rate of 12% per year. The first monthly payment is made on December 31, Year 1.
-How much of the first payment made on December 31, Year 1, is allocated to repayment of principal?	
$________

Quizplus · Accepted Answer

The Answer of On December 1, Year 1, Fisher Corporation incurs a 30-year, $400,000 mortgage liability upon purchase of a warehouse. This mortgage is payable in monthly installments of $4,116, which include interest computed at the rate of 12% per year. The first monthly payment is made on December 31, Year 1.
-How much of the first payment made on December 31, Year 1, is allocated to repayment of principal?	
$________

On December 1, Year 1, Fisher Corporation Incurs a 30-Year