Finance
A Colorado buyer obtains a $280,000 loan at 7% annual interest. What is the monthly interest for the first month (interest-only)?
AA. $1,633.33✓ Correct
BB. $1,960.00
CC. $1,400.00
DD. $19,600.00
Explanation
$280,000 × 7% = $19,600 annual interest. $19,600 ÷ 12 = $1,633.
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