Real Estate Math
A buyer's annual loan payment is $24,000. The original loan amount was $320,000 at 6% interest. After the first year, approximately how much principal has been paid?
A$4,800✓ Correct
B$6,000
C$4,200
D$3,600
Explanation
First year interest: $320,000 × 0.06 = $19,200. Annual payment: $24,000. Principal paid in year 1: $24,000 − $19,200 = $4,800.
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