Real Estate Math (alternative)
A Maryland property has a mortgage balance of $180,000 at 5% annual interest. Annual interest expense is:
A$7,200
B$9,000✓ Correct
C$9,180
D$11,040
Explanation
Annual interest = $180,000 × 5% = $9,000. To solve this, multiply the relevant values: $180,000 at 5%..
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