Real Estate Math
A 30-year loan of $360,000 at 6.5% annually has a monthly payment factor of $6.32 per $1,000. What is the monthly payment?
A$2,275.20✓ Correct
B$1,950.00
C$2,352.00
D$2,160.00
Explanation
Monthly payment = ($360,000 ÷ $1,000) × $6.32 = 360 × $6.32 = $2,275.20. To solve this, multiply the relevant values: $360,000 and $6.32 at 6.5%.. The correct answer is $2,275.20.. This is a common calculation on the Georgia real estate exam.
Related Georgia Real Estate Math Questions
- A real estate investor buys a property for $400,000 with a 25% down payment. The remaining balance is financed at 5.5% annually. What is the annual interest charge on the loan in the first year?
- A Georgia borrower takes out a $320,000 security deed. The intangible recording tax is $1.50 per $500 of the loan amount. What is the total intangible tax?
- A house is priced per square foot at $185/sq ft. The home is 2,400 sq ft. What is the list price?
- A rectangular parcel is 3/4 mile by 1/2 mile. How many acres does it contain? (1 mile = 5,280 ft; 1 acre = 43,560 sq ft)
- A seller wants to net $240,000 after paying a 6% commission. What must the property sell for?
- A buyer has a monthly gross income of $9,000. The lender's back-end DTI limit is 43%. The buyer's monthly non-housing debts are $800. What is the maximum total monthly debt the buyer can have?
- A salesperson earns 60% of the total 6% commission on a $400,000 sale. How much does the salesperson earn?
- A property sells for $640,000. The selling broker and listing broker split the 5% commission 50/50. The listing agent gets 60% of the listing broker's share. How much does the listing agent earn?
Practice More Georgia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Georgia Quiz →