Real Estate Math
An Alaska buyer gets a 30-year loan at 7% for $320,000. Using a factor of $6.653 per $1,000, the monthly P&I payment is:
A$1,990
B$2,082
C$2,129✓ Correct
D$2,240
Explanation
Monthly P&I = (320,000 ÷ 1,000) × $6.653 = 320 × $6.
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Key Terms to Know
Debt-to-Income Ratio (DTI)
A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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