Real Estate Math
A buyer in Minnesota finances $280,000 at 6.5% for 30 years. Using a payment factor of $6.32 per $1,000, what is the monthly P&I payment?
A$1,769.60✓ Correct
B$1,600.00
C$1,820.00
D$1,750.00
Explanation
Monthly P&I = (Loan / $1,000) x Factor = ($280,000 / $1,000) x $6.32 = 280 x $6.32 = $1,769.60. This uses the mortgage payment factor method common in Minnesota real estate education. The factor of $6.32 per $1,000 represents the monthly payment per $1,000 borrowed at 6.5% for 30 years.
Related Minnesota Real Estate Math Questions
- A Minnesota seller nets $243,000 after paying a 6% commission. What was the sale price?
- Using straight-line depreciation, a commercial building valued at $900,000 (land value excluded) with a 39-year economic life depreciates annually by approximately:
- A Minnesota property is assessed at 85% of its market value of $320,000. The tax rate is $22 per $1,000 of assessed value. What is the annual property tax?
- A Minnesota property has an assessed value of $340,000 and a mill rate of 45 mills. What is the annual property tax?
- A Minnesota buyer pays $15,000 down on a $150,000 property. What is the loan-to-value (LTV) ratio?
- A buyer in Minnesota obtains a $320,000 mortgage. The lender charges a 1% origination fee and 1.5 points. What is the total cost of these fees?
- A Minnesota property has a NOI of $54,000 and a cap rate of 6%. What is the estimated property value?
- A property has a gross annual income of $60,000, a vacancy rate of 5%, and operating expenses of $24,000. What is the Net Operating Income (NOI)?
Practice More Minnesota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Minnesota Quiz →