Real Estate Math
A buyer borrows $240,000 at 5.5% annual interest. What is the total interest for the first year (simple interest, no amortization)?
A$12,000
B$13,200✓ Correct
C$11,000
D$14,400
Explanation
Annual interest = $240,000 × 5.5% = $240,000 × 0.
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