Finance
A Virginia buyer obtains a $300,000 mortgage at a 6% annual interest rate. What is the interest due for the first month?
A$150
B$1,500✓ Correct
C$1,800
D$3,000
Explanation
Monthly interest = $300,000 × 6% ÷ 12 = $300,000 × 0.005 = $1,500. The first month's payment applies $1,500 to interest.
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