Real Estate Math
A buyer in New Hampshire obtains a $280,000 mortgage at 7% annual interest. What is the first month's interest payment?
A$1,633✓ Correct
B$19,600
C$1,400
D$1,960
Explanation
Monthly interest = Principal × Annual Rate / 12 = $280,000 × 0.07 / 12 = $19,600 / 12 = $1,633.33. To solve this, multiply the relevant values: $280,000 at 7%.. The correct answer is $1,633.. This is a common calculation on the New Hampshire real estate exam.
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