Real Estate Math
A 640-acre Nebraska section has a road running diagonally through it. A triangular parcel is carved out that measures a base of 1 mile and height of 0.5 miles. What is the area of the triangular parcel in acres?
A80 acres✓ Correct
B160 acres
C120 acres
D60 acres
Explanation
Area = ½ × base × height = ½ × 5,280 ft × 2,640 ft = ½ × 13,939,200 = 6,969,600 sq ft. Acres = 6,969,600 ÷ 43,560 = 160 acres.
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Key Terms to Know
Amortization
The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
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.
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.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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