Real Estate Math
A Chicago condo has monthly HOA dues of $450 and annual property taxes of $7,200. The buyer takes a 30-year mortgage at 6.75% for $350,000. If the monthly P&I payment factor at 6.75% for 30 years is $6.49 per $1,000, what is the total monthly housing cost (PITI + HOA)?
A$2,872
B$2,922
C$3,022✓ Correct
D$3,047
Explanation
P&I = (350 × $6.49) = $2,271.
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