Finance
A property in Illinois has an assessed value of $180,000 and an equalization factor of 2.8. What is the equalized assessed value?
A$180,000
B$504,000✓ Correct
C$64,286
D$360,000
Explanation
The equalized assessed value (EAV) is calculated by multiplying the assessed value by the equalization factor: $180,000 × 2.8 = $504,000.
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Key Terms to Know
Net Operating Income (NOI)
The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
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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