Real Estate Math
An Iowa buyer obtains a mortgage for $175,000 at 6.5% for 30 years. Using a payment factor of $6.32 per $1,000, what is the monthly principal and interest payment?
A$1,106✓ Correct
B$948
C$1,137.50
D$875
Explanation
Monthly P&I = ($175,000 / $1,000) x $6.32 = 175 x $6.
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