Real Estate Math
A Texas borrower with a $320,000 mortgage at 6.5% annual interest has a monthly P&I payment of $2,023. After making one payment, approximately how much of that first payment went to interest?
A$1,433
B$1,567
C$1,733✓ Correct
D$1,867
Explanation
Monthly interest = $320,000 × (0.065 ÷ 12) = $320,000 × 0.005417 = $1,733.
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