Real Estate MathLoan_and_interest_calculationsEASY
A borrower has a $240,000 loan at 6% annual interest. The monthly payment is $1,438.92. How much of the first month's payment goes to interest?
Correct Answer
C) $1,200
Step 1: Annual interest = $240,000 × 6% = $14,400. Step 2: Monthly interest = $14,400 ÷ 12 = $1,200.
Answer Options
A
$238.92B
$14,400C
$1,200D
$1,438.92Why This Is the Correct Answer
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Why the Other Options Are Wrong
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Deep Analysis of This Real Estate Math Question
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Background Knowledge for Real Estate Math
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Real World Application in Real Estate Math
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Related Topics & Key Terms
Key Terms:
loan_and_interest_calculationsinterestamortizationfinancing_math
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