Real Estate Math
A 30-year loan has a monthly P&I payment of $1,900. Over the life of the loan, what is the total amount paid?
A$342,000
B$684,000✓ Correct
C$228,000
D$456,000
Explanation
Total paid = $1,900 × 12 months × 30 years = $1,900 × 360 = $684,000. Using the values given ($1,900), apply the appropriate formula..
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