Real Estate Math
A Wyoming buyer takes out a $250,000 mortgage at 7.5% annual interest. What is the total interest charged in the first year (approximation using simple interest)?
A$15,000
B$18,750✓ Correct
C$12,500
D$21,000
Explanation
First year interest (approximate) = $250,000 × 7.5% = $18,750. This is an approximation; actual interest would be slightly less as the principal decreases with each monthly payment.
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