Real Estate MathIntermediateNorth Carolina Exam

A buyer needs to borrow $320,000 at 6.5% for 30 years. Using a factor of $6.32 per $1,000, what is the monthly principal and interest payment?

Q: A buyer needs to borrow $320,000 at 6.5% for 30 years. Using a factor of $6.32 per $1,000, what is the monthly principal and interest payment?

$320,000 / $1,000 = 320 units x $6.32 = $2,022.40 monthly payment. To solve this, multiply the relevant values: $320,000 and $6.32 at 6.5%.. The correct answer is $2,022.40.. This is a common calculation on the North Carolina real estate exam.

A$1,822.40

B$1,972.40

C$2,022.40Correct

D$2,122.40

Why $2,022.40 Is Correct

Answer C: $2,022.40

$320,000 / $1,000 = 320 units x $6.32 = $2,022.

Exam Tip: Real Estate Math

Math questions are formula-based. Memorize the key formulas: commission splits, proration, cap rate (NOI ÷ Value), GRM (Price ÷ Gross Rent), and LTV (Loan ÷ Value). Practice converting between annual and monthly figures.

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Amortization

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A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.

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The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.

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