Real Estate Math
A 30-year fully amortized mortgage for $360,000 at 7% annual interest has a monthly payment factor of $6.65 per $1,000 of loan amount. What is the monthly payment (P&I)?
A$2,304
B$2,394✓ Correct
C$2,484
D$2,574
Explanation
Monthly payment = ($360,000 / $1,000) x $6.65 = 360 x $6.
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