Question: Ahrens Industries issues a $450,000, 9%, 10-year mortgage note on January 1, 2020. Terms provide for annual installment payments of $68,405, exclusive of taxes and

Ahrens Industries issues a $450,000, 9%, 10-year mortgage note on January 1, 2020. Terms provide for annual installment payments of $68,405, exclusive of taxes and insurance. In what year will the portion of the payment allocated to principal exceed the portion allocated to interest for the first time? Assume the first payment is made on December 31, 2020. O 2025 2023 O 2024 O 2022

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