Real Estate Math
A Delaware buyer qualifies for a maximum monthly payment of $1,800. Using a mortgage factor of $5.37 per $1,000 borrowed (at 30 years, 6%), what is the maximum loan amount?
A$320,000
B$335,000✓ Correct
C$335,195
D$300,000
Explanation
Maximum loan = (Monthly Payment ÷ Mortgage Factor per $1,000) × 1,000 = ($1,800 ÷ 5.37) × 1,000 = 335.
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