Real Estate Math
A $240,000 loan at 7.5% for 30 years has a monthly payment factor of $6.99 per $1,000. What is the monthly payment?
A$1,677.60✓ Correct
B$1,497.60
C$1,800.00
D$1,558.00
Explanation
Monthly payment = ($240,000 ÷ $1,000) × $6.99 = 240 × $6.
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