Real Estate Math
An Oklahoma property is purchased for $180,000 with a 10% down payment on a 30-year loan at 6% annual interest. Using a monthly payment factor of $5.99 per $1,000 for a 30-year loan at 6%, what is the monthly principal and interest payment?
A$966.38
B$1,079.50
C$969.78✓ Correct
D$1,077.00
Explanation
Loan amount = $180,000 × 90% = $162,000. Monthly P&I = ($162,000 ÷ 1,000) × $5.
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Key Terms to Know
Amortization
The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
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.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Math Concepts
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