Real Estate Math
A Hawaii home is purchased for $640,000 with a 25% down payment. The 30-year loan has an annual interest rate of 5.5%. Using a factor of $5.68 per $1,000, what is the monthly P&I payment?
AA. $2,726.40✓ Correct
BB. $3,635.20
CC. $2,726.40
DD. $2,960
Explanation
Loan = $640,000 × 0.75 = $480,000.
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