Real Estate Math
An Indiana homebuyer takes a 15-year fixed mortgage at 5.5% on $280,000. Using a factor of $8.17 per $1,000, what is the monthly payment?
A$1,985
B$2,108
C$2,288✓ Correct
D$2,500
Explanation
Monthly payment = ($280,000 ÷ $1,000) × $8.17 = 280 × $8.17 = $2,287.60 ≈ $2,288. To solve this, multiply the relevant values: $280,000 and $8.17 at 5.5%.. The correct answer is $2,288.. This is a common calculation on the Indiana real estate exam.
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