Finance
A Michigan property is purchased with a $350,000 mortgage at 6.5% annual interest. What is the first month's interest payment?
A$1,895.83✓ Correct
B$1,750.00
C$2,100.00
D$1,458.33
Explanation
First month's interest = $350,000 × (6.5% ÷ 12) = $350,000 × 0.
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