Question

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

Answer 1

$763,808.48

Explanation:

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

$763,808.48