Real Estate Math
A buyer takes out a $250,000 mortgage at 6% interest for 30 years. The monthly payment for principal and interest is approximately $1,499. How much of the first payment goes to interest?
A$750
B$1,000
C$249✓ Correct
D$1,499
Explanation
First month's interest = $250,000 x 0.06 / 12 = $15,000 / 12 = $1,250.
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