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On December 1st, 2022, AIF Inc. takes out a $100,000 mortgage note to purchase a new building. The interest rate on the mortgage is 9%
On December 1st, 2022, AIF Inc. takes out a $100,000 mortgage note to purchase a new building. The interest rate on the mortgage is 9% per year and the required payments are $800 per month. The note has been outstanding for one month. What is the balance of the mortgage note payable on the December 31, 2022 Balance Sheet? HINT: The mortgage note will be decreased by the "Monthly Payment" less interest portion, i.e., "One Month's Interest Expense"
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