Real Estate Math
A Delaware buyer finances $380,000 at 7% for 30 years. Using a factor of $6.65 per $1,000 borrowed, what is the monthly principal and interest payment?
A$2,527✓ Correct
B$2,660
C$2,194
D$2,800
Explanation
Monthly P&I = ($380,000 ÷ $1,000) × $6.65 = 380 × $6.65 = $2,527. To solve this, multiply the relevant values: $380,000 and $6.65 at 7%.. The correct answer is $2,527.. This is a common calculation on the Delaware real estate exam.
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