Real Estate Math
A buyer takes out a $280,000 mortgage at 6.5% annual interest. What is the first month's interest charge?
A$1,283.33
B$1,516.67✓ Correct
C$1,820.00
D$2,100.00
Explanation
Monthly interest = Loan balance × (Annual rate ÷ 12) = $280,000 × (6.5% ÷ 12) = $280,000 × 0.
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