Question

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 6½% for a 25-year mortgage. The principal after the first payment had a balance outstanding of:

Answer 1

Maybe this 260000 *20%=52000 ao rest maount=208000 now 6.5% for 25% now P=208000 and rate 6.5% apply