Real Estate Math
An Oklahoma buyer obtains a 30-year mortgage of $310,000 at 6.75% annual interest. The first monthly payment consists of interest plus a small principal payment. Using the formula, the first month's principal portion of the payment on a fully amortizing loan is approximately $78 (with total P&I of $2,010). After the first payment, the remaining balance is approximately:
A$309,922✓ Correct
B$307,990
C$310,000
D$308,000
Explanation
After the first payment, principal is reduced by the principal portion (~$78). Remaining balance ≈ $310,000 − $78 = $309,922.
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