On Oct.31, 20X1, Havert Company incurs a 20-year $500,000 mortgage liability in conjunction with the purchase of a factory. This is payable in equal monthly installments of $5,000 which include interest computed at an annual rate of 9%. The first monthly payment is made on November 30, 20X1. This mortgage is fully amortizing over 240 months.Round.

What is the total outstanding liability at Dec. 31, 20X1?

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