Question 14 of 18 -12 View Policies Current Attempt in Progress Concord Corporation purchased a building on January 2 by signing a long-term $312000 mortgage with monthly payments of $2950. The mortgage carries an interest rate of 10 percent. The amount owed on the mortgage after the first payment will be $311650. $312000 $309400. $309050 - /2 Question 5 of 18 View Policies Current Attempt in Progress If the present value of lease payments equals or exceeds 90% of the fair value of the leased property, the lease is uneconomical and should not be entered into recording of a lease ability is options that is the off balance sheet approach can be elected, conditions are met for the lease to be considered a capital lease lease may be classified as an operating tease