Real Estate Math
A Hawaii buyer obtains a $480,000 loan for 30 years at 6.5%. Using a payment factor of $6.32 per $1,000, what is the approximate monthly P&I payment?
AA. $2,953.60
BB. $3,034.40
CC. $3,120.00
DD. $3,033.60✓ Correct
Explanation
$480,000 / $1,000 × $6.32 = $3,033.60 monthly P&I payment. To solve this, multiply the relevant values: $480,000 and $6.32 at 6.5%.. The correct answer is D. $3,033.60.. This is a common calculation on the Hawaii real estate exam.
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