Real Estate Math
A mortgage of $150,000 has an annual interest rate of 6%. The monthly P&I payment is $899.33. How much of the first month's payment goes to interest?
A$600
B$650
C$750✓ Correct
D$850
Explanation
Monthly interest = $150,000 × (6% / 12) = $150,000 × 0.005 = $750.
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