Answer:
D) $32,624,514.
Explanation:
Installments (A) = $10,070,000
Principal due (B) = $39,169,279
Interest Payment (C) =B x 9% = $39,169,279*9%
Interest Payment (C) = $3,525,235
Principal Payment (D) = A - C
Principal Payment (D) = $10,070,000 - $3,525,235
Principal Payment (D) = $6,544,765
Total Due (E) = B - D
Total Due (E) = $39,169,279 - $6,544,765
Total Due (E) = $32,624,514
So, after the first payment was made, the note payable liability on December 31, 2016 is closest to $32,624,514
