Real Estate Math
A borrower takes out a $320,000 mortgage at 6.5% annual interest. What is the monthly interest for the first payment?
A$1,600
B$1,733✓ Correct
C$1,867
D$2,080
Explanation
Monthly interest = Principal × Annual rate ÷ 12 = $320,000 × 0.065 ÷ 12 = $1,733.
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