Real Estate Math
A buyer obtains a $280,000 mortgage. After 10 years the balance is $230,000. How much principal has the buyer paid down?
A$40,000
B$50,000✓ Correct
C$60,000
D$70,000
Explanation
Principal paid = Original balance − Current balance = $280,000 − $230,000 = $50,000. Using the values given ($280,000, $230,000), apply the appropriate formula..
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