Real Estate Math
A Maine homeowner has a $320,000 mortgage at 7% annual interest. The first month's interest charge is:
A$1,867✓ Correct
B$2,240
C$1,680
D$1,960
Explanation
Monthly interest = $320,000 × 7% ÷ 12 = $320,000 × 0.07 ÷ 12 = $22,400 ÷ 12 = $1,866.
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