Real Estate MathIntermediateDelaware Exam
A Delaware buyer qualifies for a maximum monthly payment of $1,800. Using a mortgage factor of $5.37 per $1,000 borrowed (at 30 years, 6%), what is the maximum loan amount?
A$320,000
B$335,000Correct
C$335,195
D$300,000
Why $335,000 Is Correct
Answer B: $335,000
Maximum loan = (Monthly Payment ÷ Mortgage Factor per $1,000) × 1,000 = ($1,800 ÷ 5.37) × 1,000 = 335.
Exam Tip: Real Estate Math
Math questions are formula-based. Memorize the key formulas: commission splits, proration, cap rate (NOI ÷ Value), GRM (Price ÷ Gross Rent), and LTV (Loan ÷ Value). Practice converting between annual and monthly figures.
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