Real Estate Math
A seller nets $240,000 after paying a 6% commission. What was the original sales price?
A$254,400
B$240,000✓ Correct
C$256,000
D$250,000
Explanation
If net = sales price × (1 − commission rate), then sales price = net ÷ (1 − rate) = $240,000 ÷ 0.94 ≈ $255,319.
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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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