Real Estate Math
A NJ investor buys a $750,000 property, puts 30% down, and the remaining 70% is financed at 6% for 25 years. What is the approximate monthly P&I payment on the loan?
A$2,905
B$525,000✓ Correct
C$3,200
D$4,100
Explanation
Loan amount = $750,000 × 0.70 = $525,000.
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