Finance
A Maine seller is asked to carry back a second mortgage at 7% for $50,000. The monthly interest-only payment would be:
A$291.67✓ Correct
B$350.00
C$583.33
D$416.67
Explanation
Monthly interest = Principal × Annual rate ÷ 12 = $50,000 × 0.07 ÷ 12 = $291.
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