Real Estate Math
A buyer in South Carolina gets a mortgage of $285,000 at 6.25% for 30 years. What is the approximate monthly interest for the first payment?
A$1,406
B$1,485✓ Correct
C$1,562
D$1,640
Explanation
Monthly interest = $285,000 × 6.25% ÷ 12 = $285,000 × 0.
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