Finance
A Massachusetts buyer obtains a $350,000 mortgage at 6.5% interest. What is the approximate first month's interest payment?
A$1,645
B$1,896✓ Correct
C$2,275
D$1,458
Explanation
Monthly interest = Principal × Annual rate ÷ 12 = $350,000 × 0.065 ÷ 12 = $350,000 × 0.
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