Finance
A Maine buyer obtains a 30-year fixed mortgage for $240,000 at 6.5% annual interest. What is the approximate monthly interest charge for the first payment?
A$1,040
B$1,300✓ Correct
C$1,560
D$780
Explanation
Monthly interest = $240,000 × (6.5% / 12) = $240,000 × 0.
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