Real Estate Math
A buyer obtains a $240,000 mortgage at 6% annual interest. What is the first month's interest payment?
A$1,200✓ Correct
B$14,400
C$1,440
D$2,400
Explanation
Monthly interest = Principal × Annual Rate / 12 = $240,000 × 0.06 / 12 = $240,000 × 0.005 = $1,200. To solve this, multiply the relevant values: $240,000 at 6%.. The correct answer is $1,200.. This is a common calculation on the North Carolina real estate exam.
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