On January 1, 2025, Bend Company purchased a building and signed a

tenyear

mortgage for

$400,000

at

12%.

The note will be paid in equal annual installments of

$70,794,

beginning January 1, 2026. Calculate the balance of Mortgages Payable after the payment of the first installment. (Round answer to the nearest whole number.)

Question content area bottom

Part 1

A.$ 306 comma 412

$306,412

B.$ 377 comma 206

$377,206

C.$ 329 comma 206

$329,206

D.$ 352 comma 000

$352,000