Real Estate Math
An Oregon buyer qualifies for a maximum monthly PITI payment of $2,800. The annual property tax is $4,200 and the homeowner's insurance is $1,800/year. How much remains for principal and interest?
A$2,300✓ Correct
B$2,150
C$1,955
D$2,250
Explanation
Monthly taxes = $4,200 ÷ 12 = $350. Monthly insurance = $1,800 ÷ 12 = $150. Total T&I = $500/month. Available for P&I = $2,800 − $500 = $2,300. (Note: answer A and C both show $2,300 — the intended answer B of $2,150 would apply if there were additional costs.) With only taxes and insurance: P&I = $2,300.
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