Assume an elderly person owns a $$350,000$ home that is free and clear of mortgage debt. A lender has agreed to a $$350,000$ reverse mortgage with monthly payments. The loan term is $15$ years. The annual interest rate is $6\%.$

Question $33$

What is the interest charged in the $1^{st}$ month?

$$1,750$

$$1,550$

$$12\mathrm{.}07$

None of the above