Real Estate Math
A Virginia buyer is pre-approved for a loan with a maximum monthly PITI of $2,800. If annual taxes are $3,600 and insurance is $1,200, what is the maximum monthly mortgage payment (P&I only)?
A$2,300
B$2,200
C$2,400✓ Correct
D$2,500
Explanation
Monthly taxes = $3,600 ÷ 12 = $300. Monthly insurance = $1,200 ÷ 12 = $100. Max P&I = $2,800 – $300 – $100 = $2,400. The answer is $2,400.
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