Answer:
The principle balance after the first interest period, if the payment took place is $789,390.
Explanation:
First, we have to find out how much are you paying in interest, and since you have a 6% and the terms provided mention semi-annual installment payments, we have to turn that 6% compounded semi-annually to effective semi-annually (simply divide by 2) and that is 3%. That means that the interest ($) for 800K for the first period is equal to:
$800,000 x 0.03 = $24,000
After the first interest period, and assuming that the payment took place, the principal balance would be.
Initial Balance $800,000
Interest $ 24,000
(-) payment -$ 34,610
Final balance $ 789,390
You could do this with an amortization table, I made one for you, see the attached MS Excel file.
Best of luck.
