Real Estate Math
A borrower qualifies for a maximum monthly payment of $1,800. If the loan factor for a 30-year mortgage at 6.5% is $6.32 per $1,000, what is the maximum loan amount (rounded to nearest $1,000)?
AA. $270,000
BB. $285,000
CC. $284,000✓ Correct
DD. $300,000
Explanation
Maximum loan = ($1,800 ÷ $6.32) × $1,000 = 284.8 × $1,000 = approximately $284,000 (rounded to nearest thousand).
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