Finance
A Rhode Island borrower obtains a $300,000 mortgage at 7% annual interest. What is the first month's interest payment?
A$1,500
B$1,750✓ Correct
C$2,100
D$3,500
Explanation
$300,000 x 0.07 / 12 = $1,750. The first month's interest on a $300,000 loan at 7% annual interest is $1,750.
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