Real Estate Math
A buyer finances $320,000 at 6.5% annual interest. What is the monthly interest for the first payment?
A$1,600.00
B$1,733.33✓ Correct
C$2,080.00
D$1,866.67
Explanation
Monthly interest = $320,000 × 0.065 / 12 = $20,800 / 12 = $1,733.
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