Real Estate Math
A Colorado buyer's loan of $360,000 at 6.5% interest for 30 years has monthly P&I payments of approximately $2,275. How much interest is paid in the first month?
A$1,600
B$325✓ Correct
C$2,100
D$2,275
Explanation
Monthly interest = $360,000 × (6.5% / 12) = $360,000 × 0.
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