Real Estate Math
A Massachusetts buyer purchases a home for $595,000 with 15% down. If the annual interest rate is 6.75%, what is the first month's interest payment?
A$2,865.80✓ Correct
B$3,346.00
C$2,999.81
D$2,665.08
Explanation
Loan = $595,000 × 85% = $505,750. Monthly interest = $505,750 × (6.
Related Massachusetts Real Estate Math Questions
- A rectangular lot is 75 feet wide and 160 feet deep. If land sells for $28 per square foot, what is the lot value?
- A Massachusetts investor purchases a rental property for $400,000 and receives monthly rent of $2,800. What is the gross rent multiplier (GRM)?
- A loan has a balance of $195,000 and an annual interest rate of 7%. What is the monthly interest portion of the next payment?
- A Massachusetts property's tax bill is $6,840 annually. The mill rate is 18 mills. What is the assessed value?
- A Massachusetts property sells for $685,000. The deed excise tax is $4.56 per $1,000. What is the excise tax?
- An owner wants to sell at a price that will net $350,000 after a 5% commission and $8,000 in closing costs. What should the minimum listing price be?
- A building has 8 rental units, each renting for $1,800 per month. What is the annual gross rental income assuming full occupancy?
- A Massachusetts home sold for $535,000 in 2023 and $580,000 in 2025. What is the percentage increase in value?
Practice More Massachusetts Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Massachusetts Quiz →