Finance
A Maryland home sold for $450,000 with a 25% down payment. The loan amount is $337,500. At a 7% annual rate, the first month's principal and interest payment (using approximate factor of $6.65 per $1,000) is approximately:
A$2,245✓ Correct
B$2,494
C$2,744
D$3,150
Explanation
Using a payment factor of approximately $6.65 per $1,000 of loan for 30 years at 7%: $337,500 ÷ 1,000 × $6.
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