Real Estate Math
A buyer in Alabama puts 10% down on a $320,000 home. What is the loan amount?
A$32,000
B$288,000✓ Correct
C$280,000
D$290,000
Explanation
Down payment: $320,000 × 0.10 = $32,000.
Related Alabama Real Estate Math Questions
- A property in Alabama sells for $425,000. The transfer tax rate is $0.50 per $500. What is the transfer tax?
- A property in Alabama sells for $240,000. The total commission is 6%. How much does the listing broker receive if the commission is split equally with the buyer's broker?
- A property was purchased for $180,000 and sold 3 years later for $216,000. What was the percentage gain?
- A buyer pays 2.5 discount points on a $200,000 loan. How much does the buyer pay for the points?
- A seller wants to net $155,000 after paying a 5% commission and $2,500 in closing costs. What must the property sell for?
- A property has an NOI of $42,000 and debt service of $30,000 per year. What is the before-tax cash flow?
- A $180,000 mortgage at 7% interest has annual interest of $12,600 in the first year. Monthly, this is:
- A home's assessed value is $195,000. The tax rate is 22 mills. What is the annual tax? (1 mill = $0.001 per dollar of assessed value)
Practice More Alabama Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Alabama Quiz →