Real Estate Math

A Colorado buyer borrows $360,000 at 7% for 30 years. Using the factor of $6.65 per $1,000 borrowed (at 7%), what is the approximate monthly principal and interest payment?

A$2,166

B$2,394✓ Correct

C$2,520

D$3,780

Explanation

Monthly payment = ($360,000 ÷ $1,000) × $6.65 = 360 × $6.65 = $2,394. To solve this, multiply the relevant values: $360,000 and $6.65 at 7%.. The correct answer is $2,394.. This is a common calculation on the Colorado real estate exam.

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