Real Estate Math
A Maine home purchased for $195,000 with a 90% LTV loan has monthly taxes of $325 and monthly insurance of $110. The principal and interest payment is $1,180. The total PITI payment is:
A$1,505
B$1,615✓ Correct
C$1,620
D$1,680
Explanation
PITI = P&I + Taxes + Insurance = $1,180 + $325 + $110 = $1,615. To solve this, multiply the relevant values: $195,000 and $325 at 90%..
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