Real Estate Math
A buyer obtained a $180,000 loan at 7% for 30 years. The monthly payment factor for a 7%, 30-year loan is $6.65 per $1,000. What is the monthly principal and interest payment?
A$1,107
B$1,197✓ Correct
C$1,248
D$1,350
Explanation
Monthly payment = ($180,000 ÷ $1,000) × $6.65 = 180 × $6.65 = $1,197. To solve this, multiply the relevant values: $180,000 and $6.65 at 7%.. The correct answer is $1,197.. This is a common calculation on the Idaho real estate exam.
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