Real Estate Math
A Massachusetts buyer puts 20% down on a $450,000 home. Their mortgage is at 6.75% for 30 years. The monthly interest on the first payment is:
A$2,025.00✓ Correct
B$2,531.25
C$1,912.50
D$2,250.00
Explanation
Loan amount = $450,000 × 80% = $360,000. First month's interest = $360,000 × (6.
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