Real Estate Math
A buyer obtains a 30-year mortgage at 7% interest on a loan amount of $200,000. Using a factor of $6.65 per $1,000 borrowed, what is the approximate monthly principal and interest payment?
A$1,130
B$1,230
C$1,330✓ Correct
D$1,430
Explanation
Monthly P&I = ($200,000 / $1,000) x $6.65 = 200 x $6.65 = $1,330. To solve this, multiply the relevant values: $200,000 and $6.65 at 7%.. The correct answer is $1,330.. This is a common calculation on the Oklahoma real estate exam.
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