Abuyer with a $242,000 loan has a monthly principal and interest payment of $1,317.66. if $1,033.54 is interest, what’s the new principal balance after the first payment is applied?

$‭241,715.88‬

Explanation:

Loan amount = $242,000

1st Installment = $1,317.66

1st installment is divided into principal repayment + interest

= 1st installment = principal repayment + interest

= 1,317.66 = P.repaid + 1,033.54

Principal repaid = 1,317.66 - 1,033.54 = ‭284.12‬.

Therefore, outstanding principal = loan amount - P.repaid

= 242,000 - 284.12

= $241,715.88

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