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Paris Company buys a building on a plot of land for $100,000, paying $20,000 cash and signing a 20-year mortgage note for $80,000 at 6%. Monthly payments are $570. The first monthly payment was made in January, 2013. After the first payment, what is the updated principal balance?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9415237

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