Real Estate Math
A New Mexico buyer qualifies for a maximum monthly PITI payment of $2,400. The property tax is $300/month and insurance is $150/month. What is the maximum monthly principal and interest payment?
A$1,800
B$1,950✓ Correct
C$2,100
D$2,250
Explanation
PITI = Principal + Interest + Taxes + Insurance. $2,400 = P&I + $300 + $150.
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