Real Estate Math
A NC buyer finances $380,000 at 6.75% annual interest for 30 years. Using a factor of $6.49 per $1,000, the monthly P&I payment is:
A$2,350
B$2,466✓ Correct
C$2,555
D$2,400
Explanation
Monthly payment = ($380,000 / $1,000) x $6.49 = 380 x $6.
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Key Terms to Know
Amortization
The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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.
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