Real Estate Math
A Hawaii property is purchased for $670,000. The buyer takes out a 30-year fixed mortgage at 7.5% for 80% of the purchase price. What is the approximate monthly payment? (Use factor of $6.99 per $1,000)
AA. $3,740.64✓ Correct
BB. $4,675.80
CC. $3,572.28
DD. $3,963.44
Explanation
Loan amount = $670,000 × 80% = $536,000. Monthly payment = ($536,000 / $1,000) × $6.
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