Real Estate Math
A buyer purchases a $450,000 home with 20% down and a 30-year mortgage at 6.75%. The monthly P&I is approximately $2,337. In the first month, how much of the first payment goes to interest?
A$1,687
B$1,800
C$2,025✓ Correct
D$2,337
Explanation
Loan amount = $450,000 × 0.80 = $360,000.
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