Florida Real Estate Practice Exam

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How much interest does Juan pay in the second month of his loan?

$1,038.59
$1,042.29
$1,044.79
$1,750

The correct answer is: $1,042.29

Juan is paying a fixed interest rate on his loan. Option A, $1,038.59, is too low, meaning that it is the accumulated interest from the first month. Option C, $1,044.79, is too high, indicating that it includes the accumulated interest from the first two months. Option D, $1,750, is significantly higher, suggesting that it includes both the interest and the principal amount of the loan. Therefore, the correct answer is option B, $1,042.29, as it is the specific amount of interest paid in the second month of the loan.