Real Estate Math
A Massachusetts borrower has a $350,000 mortgage at 7% annual interest. What is the annual interest in the first year?
A$24,500✓ Correct
B$35,000
C$21,000
D$49,000
Explanation
Annual interest = $350,000 × 7% = $350,000 × 0.07 = $24,500. To solve this, multiply the relevant values: $350,000 at 7%.. The correct answer is $24,500.. This is a common calculation on the Massachusetts real estate exam.
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