On January 1, 2018, Benbrook Company purchased equipment and signed a six-year mortgage note for $160,000 at 15%. The note will be paid in equal annual installments of $42,278, beginning January 1, 2019 Calculate the balance of Mortgage Payable after the payment of the first installment (Round your answer to the nearest whole number.) OA. $141,722 B. S24.000 O C. $120,702 O D. $117,722