Real Estate Math

A Connecticut buyer obtains a $200,000 mortgage at 7.5% for 30 years with a monthly payment of $1,398.43. How much of the FIRST payment goes to principal?

A$148.43✓ Correct

B$156.21

C$173.43

D$200.00

Explanation

First month's interest = $200,000 × (7.5% ÷ 12) = $200,000 × 0.00625 = $1,250. Principal = $1,398.43 − $1,250 = $148.43.

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