Question 1.
Given:
Loan amount = $22,000
New Loan amount after reduction = $15,200
Let's determine how much of the debt he paid off.
To find how much he has already paid that year, we have:
Amount paid = Original loan amount - New loan amount
Amount paid = $22000 - $15200 = $6,800
Therefore, the amount he paid off that year is $6,800
ANSWER:
$6,800
