On January 1 20X4, a company purchased a building for 250,000 borrowing 200,000 from the bank to be used with their own existing cash for the purchase. The 200,000bank mortgage has a ten year term and bears an annual interest rate of 8% compounded monthly. Payments of principle and interest amounting to 2,426.55 are to be made at the end of each month beginning 1/31/X4. Determine the balance of the mortgage payable at 3/1/X4 assuming the monthly payment was properly paid and recorded at the end of January and February. (Round to the nearest cent) A. 195,146.90 B. 197,342.23 C. 197,806.28 D. 198,906.78 E. 200,000
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