Real Estate Math
A Maine buyer finances $256,000 at 6.5% for 30 years. Using a factor of $6.32 per $1,000, the monthly P&I payment is:
A$1,527
B$1,617✓ Correct
C$1,718
D$1,897
Explanation
$256,000 ÷ $1,000 = 256. 256 × $6.32 = $1,617.92 ≈ $1,618. The. To solve this, multiply the relevant values: $256,000 and $6.32 at 6.5%.. The correct answer is $1,617.. This is a common calculation on the Maine real estate exam.
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