Real Estate Math
A buyer's loan is $360,000 at 7% annual interest. Their monthly payment (P&I) is $2,396. How much of the first payment goes to principal?
A$296✓ Correct
B$346
C$396
D$496
Explanation
First month's interest = $360,000 × (0.07 ÷ 12) = $360,000 × 0.
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