Real Estate Math
A NJ investor takes out a $600,000 interest-only commercial mortgage at 6.5% annual interest. What is the monthly interest payment?
A$2,500
B$3,250✓ Correct
C$3,750
D$4,500
Explanation
Monthly interest = $600,000 × (0.065 ÷ 12) = $600,000 × 0.005417 = $3,250. To solve this, multiply the relevant values: $600,000 at 6.5%.. The correct answer is $3,250.. This is a common calculation on the New Jersey real estate exam.
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