Real Estate Math
A buyer obtains a 30-year mortgage for $600,000 at an annual interest rate of 6%. What is the first month's interest payment?
A$2,500
B$3,000✓ Correct
C$3,600
D$4,000
Explanation
Monthly interest = Loan Balance × (Annual Rate ÷ 12). $600,000 × (0.
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