Real Estate Math
A buyer in Indiana takes out a $200,000 30-year mortgage at 7% annual interest. The monthly payment factor for a 30-year, 7% loan is approximately $6.65 per $1,000 borrowed. What is the monthly payment?
A$1,130
B$1,330✓ Correct
C$1,530
D$1,730
Explanation
Monthly payment = (Loan ÷ $1,000) × factor = ($200,000 ÷ $1,000) × $6.65 = 200 × $6.
Related Indiana Real Estate Math Questions
- A rectangular parcel measuring 330 feet by 660 feet contains how many acres?
- A lot is 75 feet wide and 130 feet deep. The price per square foot is $12. What is the lot price?
- A property's assessed value is 80% of market value. The tax rate is 1.5%. If the market value is $300,000, what is the annual tax?
- An Indiana investor purchases a rental property for $180,000 and receives monthly rent of $1,500. What is the annual gross rent multiplier (GRM)?
- If a property earns $2,200 per month in rent and comparable properties have a GRM of 150, what is the estimated property value?
- A seller wants to net $250,000 after paying a 5.5% commission. What must the property sell for?
- A property generates annual gross rent of $42,000, has a 5% vacancy rate, and operating expenses of $15,000. What is the NOI?
- An Indiana investment property has gross rents of $156,000, a 6% vacancy allowance, and operating expenses of $58,000. At a 7.5% cap rate, what is the property value?
Practice More Indiana Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Indiana Quiz →