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:

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Maybe this260000 *20%=52000 ao rest maount=208000now 6.5% for 25%now P=208000 and rate 6.5%apply

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