Real Estate Math
A Louisiana buyer makes a $340,000 purchase with a 20% down payment. Closing costs are 3% of the loan amount. What total cash does the buyer need at closing?
A$61,920
B$8,160✓ Correct
C$68,000
D$81,600
Explanation
Down payment = $340,000 × 20% = $68,000. Loan amount = $272,000. Closing costs = $272,000 × 3% = $8,160.
Related Louisiana Real Estate Math Questions
- A Louisiana broker receives a $13,200 commission and keeps 40%, paying 60% to the associate. The associate then pays 10% of their share to their team leader. How much does the team leader receive?
- A Louisiana commercial property has annual gross income of $180,000 with operating expenses at 35% of gross income. Using a 7% cap rate, what is the estimated value?
- A home sells for $425,000. The seller pays a 5.5% commission. How much is the total commission?
- A Louisiana investor finances $240,000 at 5% annual interest. After the first year's payments, the loan balance has been reduced by $5,000 in principal. The amount paid in interest during the first year was approximately:
- A Louisiana home's appraised value is $295,000. The tax assessment ratio is 10%. The millage rate is 95 mills, and the owner qualifies for the $7,500 homestead exemption. What is the annual tax bill?
- A Louisiana property manager charges 8% of gross collected rents. In one month, rents collected total $22,500. What is the management fee?
- A Louisiana property was purchased for $135,000 and has depreciated 15% due to market conditions. What is the current market value?
- A Louisiana mortgage has a monthly P&I payment of $1,450 and a monthly tax and insurance escrow of $320. What is the total monthly PITI payment?
Practice More Louisiana Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Louisiana Quiz →