Real Estate Math
A mortgage has a balance of $180,000 at 6.5% annual interest. What is the monthly interest portion of the next payment?
A$875
B$975✓ Correct
C$1,025
D$1,170
Explanation
Annual interest = $180,000 × 6.5% = $11,700. Monthly interest = $11,700 ÷ 12 = $975. To solve this, multiply the relevant values: $180,000 at 6.5%.. The correct answer is $975.. This is a common calculation on the Idaho real estate exam.
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