Real Estate Math
A $180,000 mortgage at 7% interest has annual interest of $12,600 in the first year. Monthly, this is:
A$1,050✓ Correct
B$1,260
C$900
D$1,400
Explanation
$12,600 ÷ 12 = $1,050 monthly interest. To solve this, multiply the relevant values: $180,000 and $12,600 at 7%..
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