Real Estate Math
A $220,000 loan has a monthly payment of $1,319. After the first payment, the remaining balance is $219,731. How much principal was paid in the first month?
A$269✓ Correct
B$1,050
C$319
D$1,319
Explanation
Principal paid = $220,000 − $219,731 = $269. Using the values given ($220,000, $1,319), apply the appropriate formula..
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