Real Estate Math
A Maine homeowner took a $300,000 30-year mortgage at 6.5% (payment factor $6.32/thousand). After 5 years, they've made 60 payments. Approximately how much principal remains? (Monthly payment ≈ $1,896)
A$274,800
B$279,200
C$282,400✓ Correct
D$286,700
Explanation
Monthly payment = $1,896. Total paid = 60 × $1,896 = $113,760.
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