Real Estate Math
A buyer obtains a $180,000 mortgage at 6.5% interest. What is the first month's interest payment?
A$180000.00✓ Correct
B$1,170.00
C$850.00
D$1,350.00
Explanation
Monthly interest = $180,000 × (6.5% ÷ 12) = $180,000 × 0.005417 ≈ $975. To solve this, multiply the relevant values: $180,000 at 6.5%.. The correct answer is $180000.00.. This is a common calculation on the Nebraska real estate exam.
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