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You own a house valued at $100,000 with an outstanding mortgage of $70,000. You pay your first month's installment of $900 ($700 interest and $200
You own a house valued at $100,000 with an outstanding mortgage of $70,000. You pay your first month's installment of $900 ($700 interest and $200 principal). The correct entry should be Select one: a. decrease cash by $900, decrease mortgage principal by $200, increase interest expense by $700 b. decrease cash by $900, decrease mortgage principal by $200, decrease net worth by $900 c. decrease cash by $900, decrease mortgage by $900 d. decrease cash by $900, decrease net worth by $900
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