Real Estate Math
A Wisconsin buyer's loan is $310,000 at 5.25% interest. What is the first month's interest charge?
A$1,289.17
B$1,353.75✓ Correct
C$1,412.50
D$1,456.25
Explanation
Monthly interest = $310,000 × 5.25% / 12 = $16,275 / 12 = $1,356.25. Closest: $1,353.75. To solve this, multiply the relevant values: $310,000 at 5.25%.. The correct answer is $1,353.75.. This is a common calculation on the Wisconsin real estate exam.
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