Finance
A Missouri borrower takes out a $240,000 mortgage at 6.75% annual interest. What is the approximate first month's interest?
A$1,350✓ Correct
B$1,620
C$1,800
D$1,012
Explanation
Monthly interest = $240,000 × (6.75% ÷ 12) = $240,000 × 0.005625 = $1,350. To solve this, multiply the relevant values: $240,000 at 6.75%.. The correct answer is $1,350.. This is a common calculation on the Missouri real estate exam.
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