Real Estate Math
A Hawaii homeowner's loan balance is $380,000. Their monthly payment is $2,400, of which $1,900 is interest. How much principal is paid that month?
AA. $500✓ Correct
BB. $400
CC. $600
DD. $300
Explanation
Principal payment = Total payment - Interest = $2,400 - $1,900 = $500. Using the values given ($380,000, $2,400,), apply the appropriate formula.. The correct answer is A. $500.. This is a common calculation on the Hawaii real estate exam.
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