Real Estate Math
A rectangular parcel measures 220 feet wide and 330 feet deep. How many acres does it contain? (1 acre = 43,560 sq ft)
A1.50 acres
B1.67 acres✓ Correct
C1.75 acres
D2.00 acres
Explanation
Area = 220 × 330 = 72,600 sq ft. Acres = 72,600 / 43,560 = 1.
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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.
Math Concepts
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