Real Estate Math
An Alaska buyer obtains a 30-year, $240,000 mortgage at 7% annual interest. What is the first month's interest payment?
A$1,400✓ Correct
B$1,680
C$1,750
D$2,800
Explanation
Monthly interest = $240,000 × (0.07 ÷ 12) = $240,000 × 0.005833 = $1,400. To solve this, multiply the relevant values: $240,000 at 7%.. The correct answer is $1,400.. This is a common calculation on the Alaska real estate exam.
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