Real Estate Math
What is the total interest paid in the first year on a $300,000 mortgage at 5% annual rate with monthly payments?
A$12,500
B$14,736
C$15,000✓ Correct
D$15,250
Explanation
First month interest = $300,000 × 5% ÷ 12 = $1,250. Full year interest ≈ $15,000 for approximately 12 months (interest decreases slightly each month).
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