Real Estate Math

A Florida lender offers a 30-year fixed mortgage at 6% with monthly payments of $5.99 per $1,000 borrowed. On a $250,000 loan, what is the monthly payment (principal and interest)?

A$1,497.50✓ Correct

B$1,250.00

C$1,550.00

D$1,498.50

Explanation

Monthly payment = ($250,000 ÷ $1,000) × $5.99 = 250 × $5.99 = $1,497.50. To solve this, multiply the relevant values: $5.99 and $1,000 at 6%.. The correct answer is $1,497.50.. This is a common calculation on the Florida real estate exam.

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