Real Estate Math
A $400,000 mortgage at 7% annual interest for 30 years has a monthly payment of $2,661.21. After the second payment, what is the approximate remaining loan balance?
A$399,672.62
B$399,340.03✓ Correct
C$400,000
D$398,000
Explanation
Month 1: Interest = $400,000 × 0.07/12 = $2,333.
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