Real Estate Math
A Montana homebuyer is qualifying for a mortgage. Their gross monthly income is $6,200. The lender's maximum front-end (housing) ratio is 28%. What is the maximum monthly housing payment?
A$1,240
B$1,488
C$1,736✓ Correct
D$1,860
Explanation
Maximum housing payment = $6,200 x 0.28 = $1,736.
Related Montana Real Estate Math Questions
- A buyer's loan of $180,000 is at 7% annual interest. What is the first month's interest portion of the payment?
- A property's assessed value is $240,000. The assessment ratio is 60% of market value. What is the estimated market value?
- A buyer borrows $240,000 at 5% annual interest. What is the first month's interest payment?
- An apartment building generates $8,500 per month in gross rent. Annual operating expenses are $42,000. What is the annual NOI?
- A home sells for $285,000. The listing agent's brokerage charges a 6% commission, split equally between listing and selling brokerages. What does each brokerage receive?
- Annual property taxes are $4,200 on a home with a market value of $350,000. What is the effective tax rate?
- A property is purchased for $185,000 and sold 5 years later for $240,500. What is the total appreciation?
- An investor buys a property for $180,000 and sells it 3 years later for $225,000. What is the percentage gain?
Practice More Montana Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Montana Quiz →