Real Estate Math
A buyer makes a $400,000 offer at 20% down. The buyer's loan is at 6.75%, 30 years. Using a factor of $6.49 per $1,000, what is the monthly P&I payment?
A$2,076.80✓ Correct
B$2,596.00
C$1,557.60
D$2,336.40
Explanation
Loan amount = $400,000 × 80% = $320,000. Monthly P&I = ($320,000 ÷ $1,000) × $6.
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