Real Estate Math
A buyer can afford a maximum monthly PITI payment of $2,400. If property taxes are $250/month and insurance is $150/month, what is the maximum principal and interest (P&I) payment?
A$1,800
B$2,000✓ Correct
C$2,100
D$2,250
Explanation
Maximum P&I = Maximum PITI − Taxes − Insurance = $2,400 − $250 − $150 = $2,000. Using the values given ($2,400, $250), apply the appropriate formula..
Related Idaho Real Estate Math Questions
- A property's NOI is $36,000 and it sells at a 7.2% cap rate. What is the sale price?
- A licensee earns a commission of $18,000 on a sale. If this represents 2.5% of the sale price, what was the sale price?
- A property in Boise, Idaho is assessed at $280,000 with a millage rate of 0.015 (15 mills). What is the annual property tax?
- A property is listed at $450,000 with a 5.5% commission. If the broker and cooperating broker split the commission 50/50, how much does each brokerage receive?
- If a buyer's agent earns 70% of the cooperating commission, and the cooperating commission is $12,375, how much does the buyer's agent earn?
- A buyer pays $325,000 for a home and puts 10% down. The lender charges PMI at 0.8% of the loan amount per year. What is the monthly PMI premium?
- An Idaho property has a market value of $550,000. The assessment ratio is 100% and the mill rate is 14 mills. What is the annual property tax?
- A property was listed at $450,000 and sold for 96% of list price. What was the sale price?
Practice More Idaho Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Idaho Quiz →