Real Estate Math
A Rhode Island buyer qualifies for a maximum monthly PITI payment of $2,500. If taxes and insurance total $600/month, what is the maximum monthly principal and interest (P&I) payment?
A$1,700
B$1,800
C$1,900✓ Correct
D$2,000
Explanation
Maximum P&I = PITI - Taxes and Insurance = $2,500 - $600 = $1,900. Using the values given ($2,500, $600), apply the appropriate formula..
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