Real Estate Math
A property has a $180,000 mortgage balance at 7.5% annual interest. What is the monthly interest portion of the first payment?
A$1,000
B$1,125✓ Correct
C$1,350
D$1,500
Explanation
Monthly interest = $180,000 × 7.5% ÷ 12 = $180,000 × 0.00625 = $1,125. To solve this, multiply the relevant values: $180,000 at 7.5%.. The correct answer is $1,125.. This is a common calculation on the Idaho real estate exam.
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