Real Estate Math
A Pennsylvania buyer finances $270,000 at 7% for 30 years. Using the mortgage factor of $6.65 per $1,000, what is the approximate monthly payment?
A$1,795.50✓ Correct
B$1,957.50
C$1,890.00
D$2,065.00
Explanation
Monthly payment = (Loan amount / $1,000) × Mortgage factor = ($270,000 / $1,000) × $6.65 = 270 × $6.
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