Real Estate Math
A Mississippi homeowner refinances their mortgage. The new loan amount is $175,000 at 5.875% for 30 years. The approximate monthly principal and interest payment (using a factor of $5.91 per $1,000) is:
A$1,034.25✓ Correct
B$1,025.50
C$1,062.50
D$948.00
Explanation
Monthly P&I = (Loan Amount ÷ $1,000) × Factor = ($175,000 ÷ $1,000) × $5.91 = 175 × $5.91 = $1,034.25. Mortgage factor tables provide the monthly payment per $1,000 of loan amount for a given rate and term.
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