Real Estate Math
A Tennessee investor finances $180,000 at 7% annual interest with monthly payments of $1,198. After the first payment, what is the remaining loan balance (approximately)?
A$179,852✓ Correct
B$178,802
C$180,000
D$181,050
Explanation
Month 1 interest = $180,000 × 7% ÷ 12 = $1,050. Principal paid = $1,198 − $1,050 = $148. Remaining balance ≈ $180,000 − $148 = $179,852.
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