Paul lands a home mortgage of $58,200 at a 7.40% interest rate. He plans to pay this after 3 years . What will the total principle be?
Whats the answer
To calculate the total principal for Paul's home mortgage, we need to identify the initial loan amount. In this case, the initial loan amount is $58,200. The interest rate is not taken into consideration when calculating the total principal.
Therefore, the total principal for Paul's home mortgage will be $58,200.
To find the total principle, we need to understand what principle refers to in the context of a home mortgage. The principle represents the initial amount borrowed from the lender, which in this case is $58,200.
Therefore, the total principle will be $58,200.
total principle? 58200.
Interest adds to that.