Real Estate Math
A Virginia investor pays $1,200/month in principal and interest on a $200,000 mortgage. How much does the investor pay in mortgage payments in 5 years?
A$60,000
B$72,000✓ Correct
C$84,000
D$120,000
Explanation
Total payments = $1,200/month × 12 months × 5 years = $1,200 × 60 = $72,000. Using the values given ($1,200, $200,000), apply the appropriate formula.. The correct answer is $72,000.. This is a common calculation on the Virginia real estate exam.
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