Buffon Electronics Company Issues a $1,500,000, 10%, 20-Year Mortgage Note

question 183

Multiple Choice

Buffon Electronics Company issues a $1,500,000, 10%, 20-year mortgage note on January 1. The terms provide for semiannual installment payments, exclusive of real estate taxes and insurance, of $87,414. After the first installment payment, the principal balance is

• A) $1,500,000.
• B) $1,474,551.
• C) $1,487,586.
• D) $1,168,688.

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Definitions:

Vegetables

Edible plants or parts of plants, such as leaves, stems, roots, and seeds, commonly consumed in diets and known for nutritional benefits.

Essential Nutrients

Nutrients that cannot be synthesized by the body and must be obtained from the diet, including certain amino acids, fatty acids, vitamins, and minerals.

Kilocalories

A unit of energy measurement in nutrition, commonly called a calorie, equivalent to 1000 small calories.

Energy Content

The amount of energy stored in a substance or system, which can be released or utilized through various processes.