Real Estate Math
A buyer purchases a Hawaii condo for $620,000 and makes a 20% down payment. What is the loan amount?
A$124,000
B$248,000
C$496,000✓ Correct
D$520,000
Explanation
Down payment = $620,000 × 0.20 = $124,000.
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Key Terms to Know
Capitalization Rate (Cap Rate)
A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
AmortizationThe 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.
Math Concepts
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