Real Estate Math
A Wyoming buyer finances $300,000 at 8% annual interest for 30 years. Using the factor of $7.34 per $1,000, what is the approximate monthly P&I payment?
A$2,202✓ Correct
B$2,000
C$2,340
D$2,400
Explanation
Monthly P&I = (Loan ÷ $1,000) × Factor = (300,000 ÷ 1,000) × $7.34 = 300 × $7.
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