Real Estate Math
A Florida buyer obtains a $250,000 mortgage at 6.5% interest rate. Using an approximate factor of $6.32 per $1,000 borrowed per month for a 30-year loan, what is the monthly principal and interest payment?
A$1,478
B$1,580✓ Correct
C$1,354
D$1,250
Explanation
Monthly payment = Loan Amount ÷ $1,000 × Factor = ($250,000 ÷ $1,000) × $6.32 = 250 × $6.
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Key Terms to Know
Amortization
The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Math Concepts
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