Question: On December 1 , 2 0 2 6 , Concord Corporation incurs a 1 5 - year $ 3 5 0 0 0 0 mortgage

On December 1,2026, Concord Corporation incurs a 15-year $350000 mortgage liability in conjunction with the acquisition of an
office building. This mortgage is payable in monthly installments of $4201, which include interest computed at the rate of 12% per
year. The first monthly payment is made on December 31,2026. The portion of the second monthly payment made on January 31,
2027, which represents repayment of principal is
$701.
$708.
$3493.
$4201.
On December 1,2026, Concord Corporation incurs a 15-year $350000 mortgage liability

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