Real Estate Math
A Nebraska investor purchases a property for $480,000 with 25% down and finances the balance at 6.5%. The annual interest on the mortgage in the first year is approximately:
A$23,400✓ Correct
B$24,000
C$22,800
D$31,200
Explanation
Loan = $480,000 × 75% = $360,000. Annual interest ≈ $360,000 × 6.
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