Real Estate Math
A buyer wants to calculate their monthly principal and interest payment. They borrow $320,000 at a 6.5% annual interest rate for 30 years. Using the factor of $6.32 per $1,000, what is the monthly PI payment?
A$2,022.40✓ Correct
B$1,984.00
C$2,064.00
D$2,048.20
Explanation
Loan amount in thousands: $320,000 ÷ $1,000 = 320. Monthly payment: 320 × $6.32 = $2,022.40. To solve this, multiply the relevant values: $320,000 and $6.32 at 6.5%.. The correct answer is $2,022.40.. This is a common calculation on the Oregon real estate exam.
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