Real Estate Math
A Mississippi homebuyer borrows $195,000 at 6.5% for 30 years. The monthly interest factor is approximately $6.32 per $1,000. The monthly P&I payment is approximately:
A$1,232✓ Correct
B$1,267
C$1,233
D$1,300
Explanation
Monthly P&I = ($195,000 ÷ 1,000) × $6.32 = 195 × $6.32 = $1,232.40 ≈ $1,232. To solve this, multiply the relevant values: $195,000 and $6.32 at 6.5%.. The correct answer is $1,232.. This is a common calculation on the Mississippi real estate exam.
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