Real Estate Math
A buyer obtains a loan with an annual interest rate of 6%. On an initial balance of $180,000, what is the interest paid in the first month?
A$900✓ Correct
B$1,080
C$10,800
D$1,800
Explanation
Monthly interest = $180,000 × (6% ÷ 12) = $180,000 × 0.005 = $900.
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