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On December 1, Year 1, Bradley Corporation incurs a 10-year $320,000 mortgage liability in conjunction with the acquisition of an office building. This mortgage is
On December 1, Year 1, Bradley Corporation incurs a 10-year $320,000 mortgage liability in conjunction with the acquisition of an office building. This mortgage is payable in monthly installments of $3,600, which include interest computed at the rate of 12% 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.Compute the total amount to be paid by Bradley over the 21-year life of the mortgage?
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