Real Estate Math
A Wisconsin buyer's loan payment is $1,425/month. The annual interest rate is 6%. After the first payment, the outstanding balance is $238,800. What was the original loan amount approximately?
A$235,000
B$238,000
C$239,200
D$240,000✓ Correct
Explanation
Monthly interest on $240,000 at 6% = $1,200. Principal paid = $1,425 − $1,200 = $225.
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