Real Estate Math
A Maine buyer's loan requires a 20% down payment on a $340,000 purchase. Their monthly mortgage payment (P&I) at 7% for 30 years uses a factor of $6.65 per $1,000 borrowed. The monthly payment is:
A$1,808✓ Correct
B$1,855
C$1,908
D$2,261
Explanation
Loan amount = $340,000 × 80% = $272,000. Payment = ($272,000 ÷ $1,000) × $6.65 = 272 × $6.65 = $1,808.80 ≈ $1,808.
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