Real Estate Math
A Virginia buyer gets a $320,000 loan at 5.75% for 30 years. The monthly payment is $1,867. After 5 years of payments, approximately what percentage of the original balance has been paid down?
AAbout 5%✓ Correct
BAbout 8%
CAbout 12%
DAbout 15%
Explanation
In early years of a mortgage, most of the payment is interest. After 5 years (60 payments × $1,867 = $112,020 total paid).
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