Real Estate Math
A Utah buyer's loan has a 0.5% monthly interest rate and a balance of $260,000. What is the interest portion of the first monthly payment?
A$1,300✓ Correct
B$1,560
C$1,083
D$2,600
Explanation
Monthly interest = $260,000 × 0.005 = $1,300. To solve this, multiply the relevant values: $260,000 at 0.5%.. The correct answer is $1,300.. This is a common calculation on the Utah real estate exam.
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