Real Estate Math
A buyer obtains a 30-year, $240,000 mortgage at 6.5% annual interest. Using the factor of $6.32 per $1,000 borrowed for a 30-year loan at 6.5%, what is the monthly principal and interest payment?
A$1,516.80✓ Correct
B$1,300.00
C$1,200.00
D$1,560.00
Explanation
Monthly P&I = (Loan Amount ÷ 1,000) × Factor. $240,000 ÷ 1,000 = 240.
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