Real Estate Math
A West Virginia buyer obtains a $150,000 mortgage at 7% annual interest. What is the monthly interest portion for the first payment?
A$750.00
B$875.00✓ Correct
C$1,050.00
D$1,225.00
Explanation
Monthly interest = $150,000 × 7% ÷ 12 = $150,000 × 0.07 ÷ 12 = $10,500 ÷ 12 = $875.
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