Real Estate Math
A Mississippi buyer finances $185,000 at 6% for 30 years. Using a factor of $6.00 per $1,000 of loan, the monthly P&I payment is approximately:
A$925
B$1,110✓ Correct
C$1,850
D$740
Explanation
Monthly P&I = (Loan ÷ $1,000) × Factor = ($185,000 ÷ $1,000) × $6.00 = 185 × $6.00 = $1,110. At 6% for 30 years, the actual factor is approximately $6.00 per $1,000, giving a monthly payment of approximately $1,110.
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