Real Estate Math
A buyer obtains a Pennsylvania mortgage for $280,000 at 6.5% annual interest. What is the first month's interest payment?
A$1,516.67✓ Correct
B$18,200.00
C$1,400.00
D$933.33
Explanation
First month's interest = Principal times Annual Rate divided by 12 = $280,000 times 0.065 divided by 12 = $1,516.
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