Real Estate Math
A Nevada homeowner refinances a $300,000 mortgage at 6% for 30 years. Using a factor of $5.996 per $1,000, what is the monthly P&I payment?
A$1,798.80✓ Correct
B$1,650.00
C$1,900.00
D$2,100.00
Explanation
Monthly payment = ($300,000 / $1,000) x $5.996 = 300 x $5.996 = $1,798.80. To solve this, multiply the relevant values: $300,000 and $5.996 at 6%.. The correct answer is $1,798.80.. This is a common calculation on the Nevada real estate exam.
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