Real Estate Math
A rectangular parcel in Alaska is 660 feet wide and 1,320 feet deep. How many acres is the parcel?
A10 acres
B20 acres✓ Correct
C40 acres
D80 acres
Explanation
Area = 660 ft × 1,320 ft = 871,200 sq ft. Acres = 871,200 ÷ 43,560 = 20 acres.
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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.
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