Real Estate Math
A buyer borrows $300,000 at 7% annual interest. What is the first month's interest payment (interest-only)?
A$1,750✓ Correct
B$2,100
C$1,500
D$2,500
Explanation
Monthly interest = $300,000 × 0.07 ÷ 12 = $1,750. To solve this, multiply the relevant values: $300,000 at 7%.. The correct answer is $1,750.. This is a common calculation on the Utah real estate exam.
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