Finance
A Wisconsin borrower has a $280,000 mortgage at 6% annual interest. What is the interest portion of the first monthly payment?
A$1,100
B$1,400✓ Correct
C$1,680
D$2,800
Explanation
Monthly interest = $280,000 × 6% ÷ 12 = $280,000 × 0.005 = $1,400. To solve this, multiply the relevant values: $280,000 at 6%.. The correct answer is $1,400.. This is a common calculation on the Wisconsin real estate exam.
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