You want to purchase a house, and you have agreed on a selling...

Question

# You want to purchase a house, and you have agreed on a selling...

You want to purchase a house, and you have agreed on a selling price of \$230,000. The bank will give you a loan for 30 years, and the interest rate will be 3.5%. Assume that you will finance the entire amount. What is the remaining principal balance after one year (12 payments)?

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## Step-by-step explanation

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