Real Estate Math
A Mississippi buyer needs to close on October 1. Interest on their $180,000 loan at 6% will accrue for how many days of prepaid interest (October 1–31, 31 days)?
A$836
B$918✓ Correct
C$500
D$750
Explanation
Daily interest = $180,000 × 6% ÷ 365 = $29.59/day.
Related Mississippi Real Estate Math Questions
- A Mississippi property has annual operating expenses of $28,000 and a net operating income of $52,000. What is the effective gross income?
- Annual property taxes on a Mississippi home are $3,600. If the closing is June 30 (end of month 6), how much of the annual tax does the seller owe (using 12-month proration)?
- A Mississippi investor pays $180,000 for a rental property and expects an 8% return. The required annual NOI is:
- A rectangular commercial lot in Jackson, Mississippi measures 150 feet by 200 feet. Its area in acres is approximately:
- A buyer wants to purchase a property with a 30-year mortgage at $1,200 per month (principal and interest). If the annual interest rate is 6%, approximately how large a loan can the buyer afford? (Use factor: $5.996 per $1,000 borrowed at 6%/30 years)
- A property was purchased for $150,000 and sold 5 years later for $195,000. What is the percentage gain?
- A Mississippi salesperson's commission is 3% of the sales price. If they sell a home for $310,000, their commission is:
- A Mississippi apartment complex has 20 units. The physical vacancy is 3 units. The physical occupancy rate is:
Practice More Mississippi Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Mississippi Quiz →