Real Estate Math
A buyer obtains a $240,000 mortgage at 6.5% annual interest. What is the interest for the first month?
A$1,200.00
B$1,300.00✓ Correct
C$1,400.00
D$1,560.00
Explanation
Monthly interest = $240,000 × 0.065 ÷ 12 = $15,600 ÷ 12 = $1,300.
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