Susan bought a home with a sale price of $235,000. She put down 20%, and obtained a loan for the balance. Her interest rate was 7% and the term was thirty years. Her monthly payment included principal and interest, taxes of $208.33 and insurance of $109. The total payment was $1,568.10. How much will she owe on the principal balance of the loan after the second month's payment has been made?
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![R\; =\; \frac{1}{i}\;*\;[M\;+\;(1\;+\;i)^x\;*\;(P*i-M)]\\\\where\;=\;2\;(months),\\\\\therefore R\; =\; [1251\;+\;(1\;+\;0.00583)^2\;*\;(188000*0.00583-1251)]\;*\;\frac{1}{0.00583}\\\\\\](/tpl/images/0512/4468/baf2a.png)
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