Real Estate Math
A Maine buyer pays $415,000 for a home and finances 80% with a 30-year mortgage at 6.5%. Using a factor of $6.32 per $1,000, the monthly payment is:
A$2,098.56✓ Correct
B$2,134.24
C$2,202.88
D$2,328.20
Explanation
Loan = $415,000 × 80% = $332,000. Monthly payment = ($332,000 ÷ $1,000) × $6.32 = 332 × $6.32 = $2,098.24 ≈ $2,098.56 (closest).
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