Finance
A Florida seller takes back a purchase money second mortgage for $30,000 at 6% for 5 years. The annual interest for the first year is:
A$1,500
B$1,800✓ Correct
C$3,000
D$6,000
Explanation
Simple annual interest = Principal × Rate = $30,000 × 6% = $30,000 × 0.06 = $1,800.
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