Real Estate Math (alternative)
A Maryland couple refinances their $300,000 mortgage from 7% to 5.5%. The new payment factor is $5.68 per $1,000, versus the old factor of $6.65. Their monthly savings are approximately:
A$174
B$192
C$210
D$291✓ Correct
Explanation
Old payment = $300 × $6.65 = $1,995. New payment = $300 × $5.68 = $1,704. Monthly savings = $1,995 – $1,704 = $291.
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