Real Estate Math
A West Virginia buyer's loan has a principal balance of $160,000 at 5% annual interest. What is the interest portion of the first monthly payment?
A$800.00
B$666.67✓ Correct
C$600.00
D$750.00
Explanation
Monthly interest = Principal x Annual Rate / 12 = $160,000 x 0.05 / 12 = $8,000 / 12 = $666.
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