Real Estate Math
A buyer obtains a $240,000 mortgage at 7% annual interest. What is the first month's interest payment?
A$1,400✓ Correct
B$1,680
C$16,800
D$1,750
Explanation
Monthly interest = Loan balance × (Annual rate ÷ 12) = $240,000 × (0.07 ÷ 12) = $240,000 × 0.
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