Real Estate Math
A Kansas building has 24 units. Two units are vacant. What is the occupancy rate?
A88.3%
B90%
C91.7%✓ Correct
D93%
Explanation
Occupied units = 24 - 2 = 22. Occupancy rate = 22 ÷ 24 = 0.
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Key Terms to Know
Amortization
The 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.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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