Question: LL Inc., issues a $760.000 adjustable rate mortgage note on January 1, 2020. The initial interest rate is 6%, but will move up or down

LL Inc., issues a $760.000 adjustable rate mortgage note on January

LL Inc., issues a $760.000 adjustable rate mortgage note on January 1, 2020. The initial interest rate is 6%, but will move up or down each year with the market rate. Annual December 31 installment payments are $70,000, exclusive of taxes and insurance. If Ll's interest rates are 6% in 2020,7% in 2021,8% in 2022, and 9% in 2023, what is Ll's principal balance after the December 31, 2023 payment? $697,860.71 O $703.811.36 O $689,898.27 O $532,000.00

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