Real Estate Math
A buyer obtains a 30-year, $200,000 mortgage at 7% annual interest. Using the factor of $6.65 per $1,000 borrowed, what is the monthly principal and interest payment?
A$1,200
B$1,330✓ Correct
C$1,050
D$1,450
Explanation
Monthly payment = (Loan Amount / $1,000) x Factor = ($200,000 / $1,000) x $6.65 = 200 x $6.
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