Real Estate Math
A buyer takes a $250,000 loan at 6% interest for 30 years. Using a factor of $5.99 per $1,000 borrowed, what is the approximate monthly principal and interest payment?
A$1,497.50✓ Correct
B$1,250.00
C$1,798.00
D$1,599.00
Explanation
Monthly P&I = ($250,000 ÷ $1,000) × $5.99 = 250 × $5.
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