Real Estate Math
A South Dakota buyer can qualify for a maximum monthly payment of $1,500. If the loan factor is $7.00 per $1,000, what is the maximum loan amount?
A$200,000
B$210,000
C$214,286✓ Correct
D$225,000
Explanation
Loan amount = (Monthly payment ÷ factor) × $1,000 = ($1,500 ÷ $7.00) × $1,000 = 214.
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