On December 1, 2017, Waterway Corporation incurs a 15-year $800000 mortgage liability in conjunction with the acquisition of an office building. This mortgage is payable in monthly installments of $9600, which include interest computed at the rate of 12% per year. The first monthly payment is made on December 31, 2017. The portion of the second monthly payment made on January 31, 2018, which represents repayment of principal is: $9600. $1600. $1616. O $7984