Real Estate Math
A Kansas buyer obtains a mortgage of $160,000 at 7% annual interest. What is the first month's interest payment?
A$747.33
B$933.33✓ Correct
C$1,120.00
D$560.00
Explanation
Monthly interest = $160,000 × (0.07 ÷ 12) = $160,000 × 0.005833 = $933.33. To solve this, multiply the relevant values: $160,000 at 7%.. The correct answer is $933.33.. This is a common calculation on the Kansas real estate exam.
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