Real Estate Math
A Nebraska investor borrows $240,000 at 6.5% annual interest, interest-only. Monthly interest payment is:
A$1,200
B$1,300✓ Correct
C$1,400
D$1,560
Explanation
Monthly interest = Principal × Annual Rate ÷ 12 = $240,000 × 0.065 ÷ 12 = $15,600 ÷ 12 = $1,300.
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