Which of the following answers correctly defines the principal for a mortgage? •the sale price of the house •the interest paid on the mortgage •the length of the mortgage •the amount of money borrowed
Which of the following answers correctly defines the principal for a mortgage? The amount of money borrowed. The principal in a mortgage is defined as the amount of money you actually borrowed from the lender to purchase the home. The interest is defined as the amount of money the lender is charging overtime when you pay off the principal.
