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A loan on an investment property closed on July 1st for $765,000 at 5.5% interest amortized over 25 years at $4,697.77 per month. Using a 360-day year, what would the principal amount be after the monthly
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A loan on an investment property closed on July 1st for $765,000 at 5.5% interest amortized over 25 years at $4,697.77 per month. Using a 360-day year, what would the principal amount be after the monthly payment was made August 1st

User Zionpi
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1 Answer

5 votes

Answer:

$763,808.48

Explanation:

765,000 - (4,697.77 - (765,000 * .055/12)) =

$763,808.48

User Tdaff
by
7.6k points
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