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A homeowner made a regular monthly payment of $550 on her home loan. Out of the total payment, the lender deducted the interest that was due for the month and applied the remaining balance of $43.85 to the principal. If the outstanding balance of the loan was $56,500, the interest rate on the loan was most nearly:
A. 8.5%
B. 9.25%
C. 10.75%
D. 12.5%
$550 - $43.85 = $506.15 interest for 1st month $506.15 X 12 = $6073.80 per year $6073.80 divided by $56,500 = 10.75%
 
 
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Educating realtors for 20 years
 
 
Exam Details
 
 
This exam covers real estate math for Sales Agents.
Taken: 1,237 times
Added: 8/18/2008
Liked: 2 times
Audience: Professional
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Real Estate License
Real Estate License
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This is a study group dedicated to those wishing to become real estate Sales Agents or brokers.
 
 
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