Real Estate Math
A 320-acre Nebraska farm is selling for $9,000/acre. The buyer needs a 35% down payment. What is the down payment required?
A$1,008,000✓ Correct
B$1,260,000
C$720,000
D$900,000
Explanation
Sale price = 320 × $9,000 = $2,880,000. Down = $2,880,000 × 35% = $1,008,000.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Math Concepts
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