Finance
A Maine borrower has a $250,000 mortgage at 7% interest. The first month's interest payment is:
A$1,250.00
B$1,458.33✓ Correct
C$1,750.00
D$875.00
Explanation
First month's interest = Principal × Annual rate ÷ 12 = $250,000 × 0.07 ÷ 12 = $1,458.
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