Assume the following: Payment #1 totals $1,600 ($1,200 principal and $400 interest expense); Payment #2 totals $1,600 ($1,300 principal and $300 interest expense); and the remaining principal balance before these two payments is $50,000.
If the amortization schedule’s “Remaining Principal Balance” column prior to these payments amounts to $50,000, what is the balance in the column after these payments? SHOW ALL WORK
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