Real Estate Math
A Kansas buyer qualifies for a $200,000 mortgage at 7% for 30 years. Using a payment factor of $6.65 per $1,000, what is the monthly principal and interest payment?
A$1,200
B$1,330✓ Correct
C$1,430
D$1,500
Explanation
$200,000 ÷ $1,000 × $6.65 = 200 × $6.
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Key Terms to Know
Amortization
The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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