Real Estate Math
A Hawaii property sells for $750,000. The commission rate is 5%. How much commission is earned?
AA. $3,750
BB. $37,500✓ Correct
CC. $7,500
DD. $75,000
Explanation
$750,000 × 0.05 = $37,500 total commission.
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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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