Real Estate Math
A $150,000 loan at 7% annual interest for 30 years has a monthly payment of $997.95. How much of the FIRST payment is interest?
A$750.00
B$875.00✓ Correct
C$997.95
D$1,050.00
Explanation
First month's interest = $150,000 × (7% ÷ 12) = $150,000 × 0.005833 = $875.
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