On December $1,$ Year $1,$ Bradley Corporation incurs a $16-$year $$180,000$ mortgage liability in conjunction with the acquisition of an office building. This mortgage is payable in monthly installments of $$1,200,$ which include interest computed at the rate of $5\%$ per year. The first monthly payment is made on December $31,$ Year $1.$

The total liability related to this mortgage reported in Bradley's balance sheet at December $31,$ Year $1,$ is:

Multiple Choice

$$179,550.$

$$180,000.$

$$230,400.$

$$178,800.$