Finance
An Illinois borrower's loan has an annual interest rate of 6% with a principal balance of $180,000. What is the monthly interest payment (interest-only)?
A$750
B$900✓ Correct
C$1,080
D$1,800
Explanation
Monthly interest = Principal × Annual Rate ÷ 12 = $180,000 × 0.06 ÷ 12 = $180,000 × 0.
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