Real Estate Math
A Massachusetts tenant has a security deposit of $3,000 that has been held for 3 years at 5% interest. What is the total interest owed to the tenant?
A$450✓ Correct
B$150
C$225
D$600
Explanation
Annual interest = $3,000 × 5% = $150. Total for 3 years = $150 × 3 = $450. To solve this, multiply the relevant values: $3,000 at 5%.. The correct answer is $450.. This is a common calculation on the Massachusetts real estate exam.
Related Massachusetts Real Estate Math Questions
- A Massachusetts property's annual taxes are $7,200. The closing occurs on August 1. The seller has paid taxes through June 30 (first half). How much does the buyer owe the seller for the overpaid taxes?
- A Massachusetts property is listed at $475,000. After a 6% price reduction, the buyer also negotiates an additional $5,000 credit at closing. What is the net effective sale price?
- 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 Massachusetts property is taxed at $15.20 per $1,000 of assessed value. If the property is assessed at $520,000, what are the annual taxes?
- A condominium unit is purchased for $325,000 with a 10% down payment. Closing costs are 3% of the loan amount. What are the total funds needed at closing?
- A Massachusetts home sold for $535,000 in 2023 and $580,000 in 2025. What is the percentage increase in value?
- A Boston condo is assessed at $890,000. The property tax rate is $10.98 per $1,000 of assessed value. What is the annual property tax?
- A Massachusetts property sells for $560,000. What is the deed excise tax owed at $4.56 per $1,000?
Practice More Massachusetts Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Massachusetts Quiz →