Real Estate Math
A buyer puts 10% down on a $375,000 home and gets a 30-year mortgage at 6.5%. Monthly P&I factor is $6.32 per $1,000. What is the monthly P&I payment?
A$2,128✓ Correct
B$2,371
C$2,215
D$2,029
Explanation
Loan amount = $375,000 × 90% = $337,500. Monthly P&I = ($337,500 ÷ $1,000) × $6.32 = 337.5 × $6.32 = $2,133. The
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