Sunday, August 7, 2011

Homework Help Accounting/?

On December 1, Year 1, Bradley Corporation incurs a 15-year $360,000 mortgage liability in conjunction with the acquisition of an office building. This mortgage is payable in monthly installments of $4,321, which include interest computed at the rate of 12% per year. The first monthly payment is made on December 31, Year 1. Compute the total amount to be paid by Bradley over the 15-year life of the mortgage. Round your answer to the nearest dollar amount.

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