Real Estate Math (alternative)
A Maryland buyer assumes a $220,000 mortgage at 5.5% annual interest. Monthly interest for the first month is:
A$1,100
B$1,008.33✓ Correct
C$916.67
D$1,210
Explanation
Monthly interest = $220,000 × 5.5% ÷ 12 = $220,000 × 0.004583 = $1,008.33. To solve this, multiply the relevant values: $220,000 at 5.5%.. The correct answer is $1,008.33.. This is a common calculation on the Maryland real estate exam.
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