Real Estate Math
A Maine buyer finances $310,000 at 6.75% for 30 years. The approximate monthly P&I payment is $2,011. The total amount paid over 30 years is:
A$310,000
B$403,960
C$723,960✓ Correct
D$620,000
Explanation
Total paid = Monthly payment × Number of payments = $2,011 × 360 = $723,960. To solve this, multiply the relevant values: $310,000 and $2,011 at 6.75%.. The correct answer is $723,960.. This is a common calculation on the Maine real estate exam.
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