Real Estate Math
A buyer in NC makes a 5% down payment on a $320,000 home. The down payment amount and loan amount are:
A$304,000✓ Correct
B$32,000 down; $288,000 loan
C$24,000 down; $296,000 loan
D$20,000 down; $300,000 loan
Explanation
Down payment = $320,000 x 0.05 = $16,000. Loan = $320,000 - $16,000 = $304,000. To solve this, multiply the relevant values: $320,000 at 5%.. The correct answer is $304,000.. This is a common calculation on the North Carolina real estate exam.
Related North Carolina Real Estate Math Questions
- A property has 200 front feet and 150 feet of depth. Using front footage pricing of $400 per front foot, what is the estimated land value?
- A North Carolina property has an assessed value of $240,000. The tax rate is $1.10 per $100 of assessed value. What is the annual tax?
- A NC investor buys a property for $400,000 and sells it 3 years later for $460,000. The simple return on investment (ignoring expenses) is:
- A property has a potential gross income of $60,000, vacancy rate of 5%, and operating expenses of $18,000. What is the NOI?
- An income property in Greensboro has an NOI of $55,000 and a cap rate of 6.5%. Its value using the income approach is approximately:
- A property is assessed at 80% of its $350,000 market value. The tax rate is $1.20 per $100 of assessed value. What are the annual taxes?
- A property is listed at $425,000. The buyer offers $410,000. If the seller accepts, what is the commission at 5.5%?
- A buyer's loan balance is $180,000 at 7% annual interest. What is the first month's interest payment?
Practice More North Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →