Real Estate Math
A North Dakota buyer's loan of $200,000 at 5% for 30 years has a monthly payment factor of $5.37 per $1,000. What is the approximate monthly P&I payment?
A$1,000
B$1,074✓ Correct
C$1,100
D$1,200
Explanation
Monthly P&I payment = ($200,000 / $1,000) × $5.37 = 200 × $5.37 = $1,074. To solve this, multiply the relevant values: $200,000 and $5.37 at 5%.. The correct answer is $1,074.. This is a common calculation on the North Dakota real estate exam.
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