Real Estate Math
A buyer obtains a $180,000 mortgage at 7% for 30 years. The monthly payment factor is $6.65 per $1,000 borrowed. What is the monthly principal and interest payment?
A$1,050
B$1,197✓ Correct
C$1,260
D$945
Explanation
Monthly payment = ($180,000 ÷ $1,000) × $6.65 = 180 × $6.
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