Finance
A Connecticut buyer obtains a $360,000 mortgage at 5.5% for 30 years. The first month's interest payment is:
A$1,500
B$1,650✓ Correct
C$1,800
D$1,980
Explanation
First month's interest = principal × annual rate / 12 = $360,000 × 5.5% / 12 = $360,000 × 0.
Related Connecticut Finance Questions
- What is the primary purpose of the Real Estate Settlement Procedures Act (RESPA)?
- Under the Equal Credit Opportunity Act (ECOA), a lender may NOT deny credit based on:
- What is the purpose of a 'good faith estimate' (now replaced by the Loan Estimate) under RESPA?
- The 'secondary mortgage market' functions to:
- A Connecticut buyer's loan falls through 2 days before closing due to a last-minute job loss discovered by the lender. The purchase contract has a financing contingency that has already been removed. What can the buyer do?
- What is a 'point' in mortgage financing?
- A Connecticut property is purchased for $380,000 with a 10% down payment. The buyer obtains a conventional loan for the balance. What is the loan amount?
- Under the Truth in Lending Act (TILA), the annual percentage rate (APR) disclosed to a Connecticut borrower includes:
Practice More Connecticut Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Connecticut Quiz →