Joe Jay purchased a new colonial home for $260,000, putting down 20%. He decided to use Loyal Bank for his mortgage. They were offering a 6 1/2% for a 25-year mortgage. The principal after the first payment had a balance outstanding of:
A) $207,270.95
B) $207,720.59
C) $207,720.95
D) $207,270.59
E) None of these
Correct Answer:
Verified
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