Finance
A buyer in Connecticut obtains a 30-year fixed-rate mortgage at 7%. The loan balance is $350,000. What is the approximate monthly interest for the first month?
A$1,458.33
B$2,041.67✓ Correct
C$2,333.33
D$2,916.67
Explanation
Monthly interest = $350,000 × (7% ÷ 12) = $350,000 × 0.005833 = $2,041.67. To solve this, multiply the relevant values: $350,000 at 7%.. The correct answer is $2,041.67.. This is a common calculation on the Connecticut real estate exam.
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