On December $1,2026,$ Concord Corporation incurs a $15-$year $$350000$ mortgage liability in conjunction with the acquisition of an

office building. This mortgage is payable in monthly installments of $$4201,$ which include interest computed at the rate of $12\%$ per

year. The first monthly payment is made on December $31,2026.$ The portion of the second monthly payment made on January $31,$

$2027,$ which represents repayment of principal is

$$701.$

$$708.$

$$3493.$

$$4201.$