Real Estate Math
A 10-acre parcel in Delaware sells for $2,500 per acre. What is the total sale price?
A$25,000✓ Correct
B$250,000
C$2,500
D$125,000
Explanation
Total Price = 10 acres × $2,500/acre = $25,000. Using the values given ($2,500), apply the appropriate formula..
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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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