Real Estate Math
A South Dakota buyer borrows $260,000 at 6% interest, 30 years. The monthly payment factor is $6.00 per $1,000. What is the monthly P&I payment?
A$1,300
B$1,560✓ Correct
C$1,600
D$1,800
Explanation
Monthly payment = (260,000 ÷ 1,000) × $6.00 = 260 × $6.00 = $1,560. To solve this, multiply the relevant values: $260,000 and $6.00 at 6%.. The correct answer is $1,560.. This is a common calculation on the South Dakota real estate exam.
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