Real Estate Math
A Missouri loan is being amortized at 6% over 30 years. The monthly payment is $1,199 on a $200,000 loan. After the first payment, how much has the principal been reduced?
A$199✓ Correct
B$299
C$399
D$599
Explanation
First month's interest = $200,000 × 6% ÷ 12 = $1,000. Principal reduction = $1,199 − $1,000 = $199.
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