Real Estate Math
A Rhode Island buyer gets a $300,000 mortgage at 6.5% for 30 years. If the monthly payment factor is $6.32 per $1,000, what is the monthly P&I payment?
A$1,750
B$1,896✓ Correct
C$1,960
D$2,100
Explanation
$300,000 / $1,000 = 300 x $6.32 = $1,896. To solve this, multiply the relevant values: $300,000 and $6.32 at 6.5%.. The correct answer is $1,896.. This is a common calculation on the Rhode Island real estate exam.
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