Real Estate Math
A Kentucky property owner's mortgage payment is $1,650/month of which $1,200 is interest and $450 is principal. The loan balance is $240,000. What is the annual interest rate?
A5%
B5.5%
C6%✓ Correct
D6.5%
Explanation
Monthly interest rate = $1,200 ÷ $240,000 = 0.5%.
Related Kentucky Real Estate Math Questions
- A Kentucky home was purchased for $175,000 and sold for $227,500. What was the percentage of appreciation?
- A lot in Louisville measures 66 feet by 132 feet. How many acres is this?
- A Kentucky duplex was purchased for $180,000 with 25% down. What is the mortgage amount?
- A 6,000 sq ft Kentucky commercial building rents at $18 per sq ft annually. What is the annual gross rent?
- A Kentucky home purchased for $150,000 is sold 5 years later for $195,000. What is the percentage increase in value?
- A property has a net operating income (NOI) of $24,000 and a cap rate of 8%. What is the estimated value?
- A Kentucky property's listed price is $289,000. The seller agrees to pay 3% of the purchase price as a buyer's closing cost concession. How much does the seller concede?
- A Lexington commercial property earns $120,000 annual gross rent. After a 7% vacancy deduction and $30,000 operating expenses, what is the NOI?
Practice More Kentucky Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Kentucky Quiz →