Real Estate Math
An Iowa buyer's loan is $185,000 with a 30-year term at 6.5%. Using the payment factor of $6.32 per $1,000, what is the monthly P&I payment?
A$1,092.80
B$1,169.20✓ Correct
C$1,203.40
D$1,247.60
Explanation
Monthly P&I = ($185,000 ÷ $1,000) × $6.32 = 185 × $6.
Related Iowa Real Estate Math Questions
- An Iowa farmland parcel is described as the NW1/4 of Section 12. How many acres does it contain?
- An Iowa property manager charges 8% of monthly gross rents collected as a management fee. Monthly rents collected are $12,500. What is the management fee?
- An Iowa buyer's total closing costs are $6,800. The lender allows the seller to contribute up to 3% of the sale price toward closing costs. The sale price is $215,000. How much can the seller contribute?
- An Iowa property sells for $220,000. The transfer tax rate is $1.60 per $1,000 of sale price. What is the transfer tax?
- An Iowa farm parcel is the S½ of the NE¼ of Section 10. How many acres does it contain?
- How many square feet are in a parcel that measures 150 feet by 200 feet?
- An Iowa rental property has an effective gross income of $54,000 and a net operating income of $34,000. What is the operating expense ratio?
- An Iowa property has a net operating income of $24,000 and a cap rate of 8%. What is the estimated value?
Practice More Iowa Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Iowa Quiz →