Real Estate Math
An Oklahoma investor buys a property for $420,000 with 25% down. Using a 7% annual interest rate on a 30-year mortgage, and a payment factor of $6.65 per $1,000, what is the approximate monthly P&I payment?
A$2,093.63✓ Correct
B$1,992.75
C$2,145.00
D$2,100.00
Explanation
Down payment = $420,000 × 25% = $105,000. Loan = $315,000.
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Key Terms to Know
Discount Points
Prepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Math Concepts
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