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On December 1 , 2 0 2 0 , Sunland Corporation incurs a 1 5 - year $ 5 5 0 0 0 0 mortgage

On December 1,2020, Sunland Corporation incurs a 15-year $550000 mortgage liability in conjunction with the acquisition of an office building. This mortgage is payable in monthly installments of $6600, which include interest computed at the rate of 12% per year. The first monthly payment is made on December 31,2020. The portion of the second monthly payment made on January 31,2021, which represents repayment of principal is:
$6600.
$5489.
$1111.
$1100.
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