Real Estate Math
A Michigan property sold for $425,000. The buyer put 20% down and financed the rest. The monthly payment factor is $7.34 per $1,000 borrowed. What is the approximate monthly principal and interest payment?
A$2,430
B$2,492✓ Correct
C$2,576
D$2,624
Explanation
Down payment = 20% x $425,000 = $85,000. Loan = $340,000.
Related Michigan Real Estate Math Questions
- A Michigan property's market value is $220,000. The SEV is 50% of market value. With a 35-mill tax rate applied to the SEV, what are the annual property taxes?
- A Michigan property is listed at $250,000. The seller agrees to pay a 6% commission. What is the total commission?
- A Michigan buyer obtains a $180,000 mortgage with a 30-year term and a monthly P&I payment of $1,198. How much total interest will be paid over the life of the loan?
- A Michigan buyer finances $210,000 for 30 years at 7% interest. Using a factor of $6.65 per $1,000, what is the approximate monthly P&I payment?
- A buyer puts 10% down on a $275,000 home. The lender charges a 1% origination fee. How much is the origination fee?
- A Michigan home sells for $415,000. The seller agreed to pay a 5.5% commission. What is the total commission?
- A Michigan home appraised at $400,000 is assessed at 50% of appraised value. The millage rate is 40 mills. What is the annual property tax?
- A rectangular lot measures 150 feet by 200 feet. How many acres is this lot? (1 acre = 43,560 sq ft)
Practice More Michigan Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Michigan Quiz →