Real Estate Math
A Mississippi property sells for $175,000. The buyer makes a 20% down payment and obtains a $140,000 loan. The monthly payment at 6.5% for 30 years is approximately $885. Over 30 years, what is the total amount the buyer will pay in principal and interest?
A$280,000
B$318,600✓ Correct
C$270,000
D$350,000
Explanation
Total P&I payments = $885 × 12 months × 30 years = $885 × 360 = $318,600. To solve this, multiply the relevant values: $175,000 and $140,000 at 20%..
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