Real Estate Math
A Maine property is purchased for $250,000 with a 30-year mortgage at 7.5%. Using a payment factor of $6.99 per $1,000 on the full price (100% financing hypothetically), the monthly P&I payment would be:
A$1,497.50
B$1,650
C$1,747.50✓ Correct
D$1,860
Explanation
$250,000 ÷ $1,000 = 250. 250 × $6.99 = $1,747.50. To solve this, multiply the relevant values: $250,000 and $6.99 at 7.5%.. The correct answer is $1,747.50.. This is a common calculation on the Maine real estate exam.
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