Real Estate Math
A Hawaii buyer takes out a $350,000 mortgage at 6% annual interest. What is the first month's interest payment?
AA. $1,750✓ Correct
BB. $2,100
CC. $21,000
DD. $1,458
Explanation
Monthly interest = $350,000 × 0.06 / 12 = $350,000 × 0.005 = $1,750. To solve this, multiply the relevant values: $350,000 at 6%.. The correct answer is A. $1,750.. This is a common calculation on the Hawaii real estate exam.
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