Real Estate Math

A Kansas borrower has a $200,000 mortgage at 6% annual interest with a monthly payment of $1,199.10. How much of the first payment goes to principal?

A$199.10✓ Correct

B$1,000.00

C$1,199.10

D$800.00

Explanation

Monthly interest = $200,000 × (0.06/12) = $1,000. Principal = $1,199.10 - $1,000 = $199.10. To solve this, multiply the relevant values: $200,000 and $1,199.10 at 6%.. The correct answer is $199.10.. This is a common calculation on the Kansas real estate exam.

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