You purchase a home for $100,000 with a 20-year mortgage at 12%. If you make annual mortgage payments that pay the interest and reduce the principal, by how much is the loan reduced at the end of the first year?

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You purchase a home for $100,000 with a 20-year mortgage at 12%. If you make annual mortgage payments that pay the interest and reduce the principal, by how much is the loan reduced at the end of the first year?​

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The Answer of You purchase a home for $100,000 with a 20-year mortgage at 12%. If you make annual mortgage payments that pay the interest and reduce the principal, by how much is the loan reduced at the end of the first year?​

You Purchase a Home for $100,000 with a 20-Year Mortgage