Finance
A Mississippi buyer obtains a 30-year mortgage of $180,000 at 6.5% interest. The monthly payment factor is $6.32 per $1,000 borrowed. What is the monthly principal and interest payment?
A$1,072.20
B$1,137.60✓ Correct
C$975.00
D$1,210.00
Explanation
Monthly payment = ($180,000 ÷ $1,000) × $6.32 = 180 × $6.
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