Using a mortgage factor of $7.69, what is the monthly payment for a $170,000 loan at 8.5% for 30 years?

To determine the monthly payment for a $170,000 loan using the provided mortgage factor of $7.69, you need to multiply the mortgage factor by the loan amount, then divide by 1,000. The mortgage factor represents the monthly payment per $1,000 borrowed, which makes calculations straightforward.

Here's how you calculate it:

1. Take the total loan amount, which is $170,000.

2. Divide this amount by 1,000 to reflect the factor. So, $170,000 ÷ 1,000 = 170.

3. Multiply this result by the mortgage factor of $7.69. Thus, 170 x $7.69 = $1,307.30.

This final amount, $1,307.30, is the correct monthly payment for the loan. It reflects the combination of the loan amount and the interest rate over the term of 30 years. Mortgage factors are widely used in the real estate and lending industries to simplify the calculation of monthly payments based on the loan amount, interest rate, and terms of the loan.