Real Estate Math
A Nevada investor finances $600,000 at 7% interest-only for 1 year. What is the total interest paid?
A$42,000✓ Correct
B$45,000
C$38,000
D$50,000
Explanation
Annual interest = $600,000 x 7% = $42,000. Monthly = $3,500. Total for 1 year = $42,000. To solve this, multiply the relevant values: $600,000 at 7%.. The correct answer is $42,000.. This is a common calculation on the Nevada real estate exam.
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