Real Estate Math
A Connecticut buyer's mortgage payment (P&I) is $1,985/month. The annual interest rate is 6% and the loan balance is $310,000. How much of the first payment goes toward principal?
A$435✓ Correct
B$655
C$1,550
D$234
Explanation
First month's interest = $310,000 × 6% / 12 = $310,000 × 0.005 = $1,550. Principal portion = $1,985 - $1,550 = $435.
Related Connecticut Real Estate Math Questions
- A Connecticut property is assessed at 70% of market value. The assessed value is $196,000. What is the market value?
- An investor buys a property for $750,000 and sells it 2 years later for $832,500. What is the total return on investment?
- An investment property has an annual NOI of $62,400 and is purchased for $960,000. What is the cap rate?
- A Connecticut buyer makes an offer of $362,500, which is 3.5% below the list price. What is the list price?
- A Connecticut property investor's annual gross rental income is $108,000. After a 6% vacancy allowance and $39,000 in expenses, the NOI is used to determine value at an 8.5% cap rate. What is the property value?
- A Connecticut investment property has monthly gross rents of $4,200 and sells for $630,000. What is the GRM?
- A Connecticut property investor wants a 9% return on their $150,000 cash investment. What minimum annual NOI is required?
- A Connecticut investment property is purchased for $680,000. Annual NOI is $47,600. After 4 years, the property is sold for $750,000. What is the total 4-year return on investment (NOI + appreciation) as a percentage of purchase price?
Practice More Connecticut Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Connecticut Quiz →