Real Estate Math
A Nevada property's assessed value increased from $210,000 to $216,300. What is the percentage increase?
A2.5%
B3.0%✓ Correct
C3.5%
D4.0%
Explanation
Increase = $216,300 – $210,000 = $6,300. Percentage = $6,300 / $210,000 = 0.
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Key Terms to Know
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.
AmortizationThe 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.
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.
Math Concepts
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