Real Estate Math
A South Carolina buyer obtains a $260,000 loan at 7% interest. What is the first month's interest payment?
A$1,516.67✓ Correct
B$1,820.00
C$18,200.00
D$1,300.00
Explanation
Monthly interest = Loan balance × Annual rate / 12 = $260,000 × 7% / 12 = $260,000 × 0.07 / 12 = $18,200 / 12 = $1,516.67.
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