Finance
A Nevada borrower with a 30-year fixed loan at 6.5% on $250,000 wants to know the approximate monthly payment. Using the factor of $6.32 per $1,000, what is the monthly P&I payment?
A$1,475
B$1,530
C$1,580✓ Correct
D$1,625
Explanation
Monthly payment = ($250,000 ÷ 1,000) × $6.32 = 250 × $6.
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Key Terms to Know
Debt-to-Income Ratio (DTI)
A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Promissory NoteA written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
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