Real Estate Math
A buyer borrows $360,000 at 6% for 30 years. The monthly P&I payment is $2,158. How much total interest will be paid over the life of the loan?
A$216,000
B$261,744
C$417,880
D$416,880✓ Correct
Explanation
Total paid = $2,158 × 360 months = $776,880. Total interest = $776,880 − $360,000 = $416,880. To solve this, multiply the relevant values: $360,000 and $2,158 at 6%.. The correct answer is $416,880.. This is a common calculation on the Connecticut real estate exam.
Related Connecticut Real Estate Math Questions
- A Connecticut broker earns $24,750 from a transaction. This represents the broker's 45% share of the total commission. What was the total commission?
- A Connecticut property has an assessed value of $240,000 and the tax rate is 28.5 mills. What is the annual property tax?
- A Connecticut property has a market value of $520,000. It is assessed at 70% of market value. The mill rate is 28 mills. What is the annual property tax?
- A Connecticut commercial property sells for $1,800,000. The conveyance tax rate is 0.75% on the first $800,000 and 1.25% on the amount above $800,000. What is the total conveyance tax?
- A buyer purchases a Connecticut property for $325,000 and puts 20% down. What is the loan amount?
- A Connecticut buyer purchases a condo for $385,000 with a 15% down payment. PMI is 0.65% of the loan amount annually. What is the monthly PMI premium?
- An investment property has an NOI of $42,000 and a cap rate of 5.25%. What is the estimated value?
- A Connecticut agent earns a total of $72,000 in commissions in a year. The agent's broker split is 60% to the agent. How much did the total sales volume need to be if the average commission rate was 2.8% on the agent's side?
Practice More Connecticut Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Connecticut Quiz →