Real Estate Math
A borrower takes out a $350,000 mortgage at 7% annual interest for 30 years. The monthly P&I payment factor per $1,000 borrowed at 7% for 30 years is $6.653. What is the monthly payment?
A$2,204.55
B$2,328.55✓ Correct
C$2,042.75
D$2,653.00
Explanation
Monthly payment = (Loan ÷ 1,000) × Payment factor = (350,000 ÷ 1,000) × $6.653 = 350 × $6.653 = $2,328.55.
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