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Question 6 (8 points) On August 31, 2020, Montrose Mortgage borrowed $200,000 as a 10 year mortgage to finance the construction of a condo complex.
Question 6 (8 points) On August 31, 2020, Montrose Mortgage borrowed $200,000 as a 10 year mortgage to finance the construction of a condo complex. The terms provide for monthly blended instalment payments at the end of each month of $2,220, with the first payment on September 30, 2020. The annual interest rate on the mortgage is 6% Instructions a) Record the issue of the mortgage payable on August 31, 2020. b) Record the first two instalment payments on September 30, 2020 and October 30, 2020, assuming the payment a blended principal and interest payment of $2,220
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