medium · National Real Estate Exam
A $318,500 loan at 6.75% closes on June 12, with the first regular payment due August 1. The lender collects interim (prepaid) interest from the closing date through the end of the month using a 360-day banker's year and counting the day of closing.
To the nearest dollar, how much interim interest is collected at closing?
- $1,134
- $1,062
- $1,119
- $1,194
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