Real Estate Math
A buyer in Indiana assumes a mortgage with a $145,000 balance at 4.5%. The current rate for new loans is 7%. What is the monthly interest savings versus a new loan on the same balance?
A$181.25
B$362.50
C$302.08✓ Correct
D$725.00
Explanation
Monthly interest on assumed loan: $145,000 × 4.5% ÷ 12 = $543.
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