How mortgage payment reduce the balance, Accounting Basics

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How mortgage payment reduce the balance

Problem: On January 1, 20X5, Malhotra Imports purchased a warehouse for $750,000. Malhotra paid $150,000 in cash and financed the remaining amount with a 15-year, 8% mortgage with monthly payments of $5,734 due on the first of each month (first payment due on February 1, 20X5). By how much will the February 1, 20X5 mortgage payment reduce the balance of the mortgage payable? $1,734 $5,000 $4,000 $5,734

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Accounting Basics: How mortgage payment reduce the balance

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