Real Estate Math
A buyer in Vermont takes out a $310,000 mortgage at 6.5% annual interest. What is the interest portion of the very first monthly payment?
A$1,679✓ Correct
B$1,758
C$2,015
D$1,625
Explanation
Monthly interest rate = 6.5% ÷ 12 = 0.5417%. First month's interest = $310,000 × 0.005417 = $1,679.17 ≈ $1,679.
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