Real Estate Math
A Hawaii listing agent's commission is 3% on the first $500,000 and 2% on the balance. If the property sells for $750,000, what is the listing agent's commission?
AA. $20,000✓ Correct
BB. $22,500
CC. $18,500
DD. $15,000
Explanation
3% × $500,000 = $15,000. 2% × $250,000 = $5,000.
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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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