Real Estate Math
A North Dakota buyer takes a $220,000 mortgage at 6.5% interest. The first month's interest portion of the payment is:
A$1,191.67✓ Correct
B$1,430.00
C$1,100.00
D$916.67
Explanation
Monthly interest = Loan balance × Annual rate ÷ 12 = $220,000 × 0.065 ÷ 12 = $14,300 ÷ 12 = $1,191.
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