Real Estate Math
A rectangular lot is 200 feet by 300 feet. What is its area in acres? (43,560 sq ft per acre)
A1.38 acres✓ Correct
B1.62 acres
C1.75 acres
D2.00 acres
Explanation
Area = 200 × 300 = 60,000 sq ft. Acres = 60,000 ÷ 43,560 ≈ 1.
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Key Terms to Know
Amortization
The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Math Concepts
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