Real Estate Math
A $400,000 mortgage at 6% annual interest, 30-year term, has a monthly payment factor of $5.996 per $1,000. What is the approximate monthly P&I payment?
A$2,398✓ Correct
B$1,998
C$2,200
D$2,598
Explanation
Monthly payment = ($400,000 ÷ $1,000) × $5.996 = 400 × $5.996 = $2,398.40. To solve this, multiply the relevant values: $400,000 and $5.996 at 6%.. The correct answer is $2,398.. This is a common calculation on the Georgia real estate exam.
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