Real Estate Math
A Massachusetts buyer finances $320,000 at 7.25% for 30 years. The approximate monthly P&I payment using the factor of $6.82 per $1,000 borrowed is:
A$1,982.40
B$2,182.40✓ Correct
C$2,382.40
D$2,582.40
Explanation
Monthly P&I = ($320,000 / $1,000) × $6.82 = 320 × $6.
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