Finance
A Tennessee lender offers a 30-year fixed mortgage at 6.75%. The monthly payment on a $200,000 loan is approximately $1,297. After 12 months, approximately how much principal has been paid?
A$1,236✓ Correct
B$1,500
C$2,472
D$3,564
Explanation
Year 1 interest ≈ $200,000 × 6.75% = $13,500.
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