Real Estate Math
A buyer's loan balance is $180,000 at 7% annual interest. What is the first month's interest payment?
A$945
B$1,050✓ Correct
C$1,260
D$1,575
Explanation
Monthly interest = $180,000 x 7% / 12 = $180,000 x 0.005833 = $1,050. To solve this, multiply the relevant values: $180,000 at 7%.. The correct answer is $1,050.. This is a common calculation on the North Carolina real estate exam.
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