Real Estate Math
A Massachusetts buyer gets a 30-year mortgage of $480,000 at 7% interest. Using the factor of $6.65 per $1,000, what is the monthly principal and interest payment?
A$3,192✓ Correct
B$2,800
C$3,360
D$3,500
Explanation
Monthly P&I = ($480,000 ÷ $1,000) × $6.65 = 480 × $6.
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