MB Essential Math 40S Practice Questions - Manitoba Grade 12 Essential Mathematics 40S Provincial Achievement Test Exam

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A $300,000 mortgage has an annual interest rate of 4.5%. Using I = Prt, what is the interest portion of the first monthly payment?

$$13,500.00 $$1,125.00 $$1,000.00 $$2,250.00

Correct Answer:

$$1,125.00

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