Paris Company Buys a Building on a Plot of Land

question 53

Multiple Choice

Paris Company buys a building on a plot of land for $100,000,paying $20,000 cash and signing a 20-year mortgage note for $80,000 at 6%.Monthly payments are $570.
-The first monthly payment was made in January,2013.After the first payment,what is the updated principal balance?

• A) $79,430
• B) $79,600
• C) $79,830
• D) $79,440

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Definitions:

Berlin Airlift

A military operation in 1948-1949 by which the United States and its allies delivered food and supplies to West Berlin while it was blockaded by the Soviet Union.

June 1948

A significant time period marked by events such as the beginning of the Berlin Blockade during the Cold War.

October 1957

The month marked by the launch of Sputnik 1 by the Soviet Union, beginning the Space Age and igniting the U.S.-Soviet space race.

Korea

A region in East Asia, divided into two distinct countries: North Korea and South Korea, with distinct governments and political systems.