Real Estate Math
What is the monthly payment on a $200,000, 30-year mortgage at 7% using the factor of $6.65 per $1,000 borrowed?
A$1,330✓ Correct
B$1,550
C$1,200
D$1,430
Explanation
Monthly payment = (Loan ÷ 1,000) × Factor = ($200,000 ÷ 1,000) × $6.65 = 200 × $6.65 = $1,330. To solve this, multiply the relevant values: $200,000, and $6.65 at 7%.. The correct answer is $1,330.. This is a common calculation on the Delaware real estate exam.
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