Given:
Interest (I)= $716.67
Total amount = $200,000
[tex]R=\frac{716.67\times100\times12}{200000\times1}[/tex][tex]R=\frac{860004}{200000}[/tex][tex]R=4.3\text{ \%}[/tex]
Monthly Payment(d) :
[tex]200000=\frac{d\lbrack1-(1+\frac{r}{12})^{-25\times12}\rbrack}{\frac{r}{12}}[/tex][tex]200000=\frac{d\lbrack1-(1+\frac{0.043}{12})^{-25\times12}\rbrack}{\frac{0.043}{12}}[/tex][tex]200000=\frac{d\lbrack1-(1+0.0036)^{-300}\rbrack}{0.0036}[/tex][tex]d=\text{ \$1089}[/tex]
Balance of the loan amount after one month:
[tex]b_1=200000-1089+716.67[/tex][tex]b_1=199627.67[/tex]
Balance amount after the first month is $199628
