Finance
A Virginia borrower with a $300,000 mortgage at 5% annual interest makes a monthly payment of $1,610.46. How much interest is paid in the first month?
A$1,250✓ Correct
B$1,500
C$1,610.46
D$833
Explanation
First month interest = Principal × monthly rate = $300,000 × (5%/12) = $300,000 × 0.004167 = $1,250.
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