Real Estate Math
A buyer obtains a $200,000 mortgage at 6% annual interest. What is the first month's interest payment?
A$833.33
B$1,000.00✓ Correct
C$1,200.00
D$600.00
Explanation
Monthly interest = Loan Balance × (Annual Rate ÷ 12) = $200,000 × (0.06 ÷ 12) = $200,000 × 0.
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