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Crowley Corporation purchased a building on January 2 by signing a long-term $400,000 mortgage with monthly payments of $4,500. The mortgage carries an interest rate

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Crowley Corporation purchased a building on January 2 by signing a long-term $400,000 mortgage with monthly payments of $4,500. The mortgage carries an interest rate of 12 percent. The amount owed on the mortgage at the end of the first month will be a. $395,000 $399,500 O c. $400,000 O d. $394,500

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