Real Estate Math
A Wisconsin buyer finances $270,000 at 6% interest for 30 years. The monthly PI payment factor is $5.996 per $1,000. What is the monthly payment?
A$1,518.90
B$1,618.92✓ Correct
C$1,720.00
D$1,800.00
Explanation
Monthly payment = ($270,000 / $1,000) × $5.996 = 270 × $5.996 = $1,618.92. To solve this, multiply the relevant values: $270,000 and $5.996 at 6%.. The correct answer is $1,618.92.. This is a common calculation on the Wisconsin real estate exam.
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