Real Estate Math
A South Dakota homeowner takes out a 15-year mortgage for $180,000 at 4%. If the monthly payment factor is $7.40 per $1,000 borrowed, what is the monthly payment?
A$1,332✓ Correct
B$1,250
C$1,478
D$1,200
Explanation
Monthly payment = (Loan Amount ÷ 1,000) × Payment Factor = (180,000 ÷ 1,000) × $7.40 = 180 × $7.
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