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Problem:

Joe Jay purchased a new home with a $260,000 loan. He decided to use Loyal Bank for his mortgage and the bank required him to put down 20%. The monthly payment for the 6.50% 25- year mortgage is $1,404.43.

Required:

Question: What was the principal after the first payment?

Note: Solve the problem and show all work.

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M91174748

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