Real Estate Math (alternative)
A $350,000 Maryland mortgage at 6% interest. The first month's interest payment is:
A$1,750✓ Correct
B$2,100
C$1,500
D$875
Explanation
Monthly interest = $350,000 × 6% ÷ 12 = $350,000 × 0.005 = $1,750.
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