Real Estate Math
A Washington homeowner has a $350,000 loan at 6.5% interest only for the first year. What is the monthly interest payment?
A$1,771
B$1,896✓ Correct
C$2,145
D$2,730
Explanation
Annual interest = $350,000 × 6.5% = $22,750. Monthly interest = $22,750 ÷ 12 = $1,895.83 ≈ $1,896. To solve this, multiply the relevant values: $350,000 at 6.5%.. The correct answer is $1,896.. This is a common calculation on the Washington real estate exam.
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