Real Estate Math
What is the monthly principal and interest payment on a $180,000 mortgage at 7.5% over 30 years? (Use factor of $6.99 per $1,000 borrowed)
A$1,258.20✓ Correct
B$1,125.00
C$1,352.55
D$1,457.00
Explanation
$180,000 / $1,000 × $6.99 = 180 × $6.
Related New Mexico Real Estate Math Questions
- A New Mexico property's replacement cost is $350,000. The effective age is 8 years, total economic life is 40 years. Using age-life depreciation, what is the depreciated value of the improvements?
- A New Mexico rental property has 5 units each renting for $900/month. Annual vacancy is 8%. What is the Effective Gross Income (EGI)?
- A New Mexico property has an assessed value of $78,000, which represents 1/3 of market value. The tax rate is 30 mills. What is the annual property tax?
- A New Mexico duplex generates $1,800/month per unit in rent. Annual operating expenses are $14,400. What is the annual NOI?
- A New Mexico mortgage has a balance of $175,000 at 6% annual interest. What is the monthly interest-only payment?
- A New Mexico investor purchases a 4-unit property for $480,000. Each unit rents for $1,100/month. Vacancy is 5%, and operating expenses are 40% of EGI. What is the NOI?
- A New Mexico property has an NOI of $36,000 and a cap rate of 7.2%. What is the estimated value using the income approach?
- A New Mexico home has a list price of $480,000. After 45 days, it sells for 97.5% of list price. What is the sales price?
Practice More New Mexico Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Mexico Quiz →