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California Real Estate

?

A home buyer borrows $280,000 to purchase a
home for 30 years at an interest rate of 7%.
How much interest will he pay the first year on
the loan?

$19,600$5,599 $1,634Not enough information is provided

Correct - Your answer is correct.

Wrong - Your answer is wrong.

Detailed Answer

A.
Interest on a mortgage loan is calculated this way:
Total Amount Borrowed Ã— Interest Rate
$280,000 Ã— 0.07 = $19,600

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