Finance
A North Dakota buyer qualifies for a $200,000 mortgage at 6.5% for 30 years. Using the factor of $6.32 per $1,000 borrowed, what is the estimated monthly principal and interest payment?
A$1,160
B$1,264✓ Correct
C$1,300
D$1,380
Explanation
Monthly payment = ($200,000 / $1,000) x $6.32 = 200 x $6.32 = $1,264. To solve this, multiply the relevant values: $200,000 and $6.32 at 6.5%.. The correct answer is $1,264.. This is a common calculation on the North Dakota real estate exam.
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