Real Estate Math
A Delaware building has 12,000 square feet of rentable space. It is 85% occupied. How many square feet are occupied?
A10,200 sq ft✓ Correct
B10,800 sq ft
C1,800 sq ft
D11,400 sq ft
Explanation
Occupied space = 12,000 × 85% = 12,000 × 0.85 = 10,200 square feet.
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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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