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To determine the answer to this question, first you need to know what 3% of $210,000 is. $210,000 x 3% = $6300. Now, that is what the borrower pays in interest in 1 year. To determine how much interest the borrower pays monthly, you would divide $6300 by 12 to get $525. So $525 of the borrower's payment will be interest.

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The SAFE Mortgage Loan Officer (MLO) exam is designed by NMLS to assess the knowledge and skills of prospective state-certified loan officers. Click “Start …

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