Real Estate Math
A North Dakota buyer wants a monthly principal and interest payment no greater than $1,500. At 6% annual interest on a 30-year loan, approximately how large a loan can they afford? (Use factor of $5.99 per $1,000 borrowed.)
A$225,000
B$250,375✓ Correct
C$290,000
D$305,000
Explanation
Loan amount = ($1,500 / $5.99) × $1,000 = 250.
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