Real Estate Math
A Maine buyer assumes a mortgage with a balance of $185,000 at 5% annual interest. What is the interest portion of the first monthly payment?
A$771✓ Correct
B$925
C$462
D$1,540
Explanation
Monthly interest = $185,000 x (5% / 12) = $185,000 x 0.004167 = $770.
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