Finance
A West Virginia buyer's loan is for $180,000 at 6.5% annual interest. What is the monthly interest for the first payment?
A$812.50
B$975.00✓ Correct
C$1,170.00
D$1,462.50
Explanation
Monthly interest = $180,000 × 6.5% ÷ 12 = $180,000 × 0.005417 = $975. The first month's interest portion of the payment is $975.
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