Real Estate Math
A buyer takes out a $300,000 loan at 6% annual interest (interest only). What is the first month's interest payment?
A$18,000
B$1,500✓ Correct
C$15,000
D$1,800
Explanation
Monthly interest = Principal × Annual Rate ÷ 12 = $300,000 × 0.06 ÷ 12 = $1,500.
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