Real Estate Math
An Iowa investor purchases a rental property for $275,000, puts 25% down, and finances the rest at 5.75% for 20 years. The monthly payment factor is $7.06 per $1,000. What is the monthly P&I?
A$1,331.83
B$1,449.30✓ Correct
C$1,553.25
D$1,665.90
Explanation
Loan amount = $275,000 × 75% = $206,250. Monthly P&I = (206,250 ÷ 1,000) × $7.06 = 206.25 × $7.06 = $1,456.13. Closest: $1,449.30.
Related Iowa Real Estate Math Questions
- An Iowa landlord charges $950/month for a unit. The property taxes are $3,600/year, insurance is $1,200/year, and maintenance is $1,800/year. What is the annual net operating income?
- An Iowa buyer makes a $5,000 earnest money deposit on a $195,000 home purchase with an 80% conventional loan. How much additional cash does the buyer need at closing for the down payment (not including closing costs)?
- A seller received $345,000 from the sale of their home. After paying a 5.5% commission and $3,200 in closing costs, what was the net amount to the seller?
- An Iowa property manager charges 8% monthly management fee on collected rents. Rents are $15,000/month with a 5% vacancy rate. What is the monthly management fee?
- An Iowa farmland parcel of 80 acres cash rents for $225/acre/year. What is the annual gross rental income?
- A 1/16 section of land (one sixteenth of a section) in Iowa contains how many acres?
- An Iowa agent earns $9,450 on the sale of a $315,000 home. What is their commission rate?
- An Iowa property sells for $325,000. The commission rate is 6%, split equally between listing and buyer's broker. How much does each broker receive?
Practice More Iowa Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Iowa Quiz →