Finance
A Hawaii buyer obtains a 30-year fixed rate mortgage for $500,000 at 7%. Their monthly P&I payment factor is $6.65 per $1,000. What is the monthly payment?
AA. $3,250
BB. $3,325✓ Correct
CC. $3,500
DD. $3,120
Explanation
$500,000 / $1,000 × $6.65 = $3,325 monthly P&I payment. To solve this, multiply the relevant values: $500,000 and $6.65 at 7%.. The correct answer is B. $3,325.. This is a common calculation on the Hawaii real estate exam.
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