Real Estate Math
A 30-year mortgage for $200,000 at 7% has a monthly payment of approximately $1,331. After 12 months, roughly how much principal has been paid if interest was $13,952?
A$2,020✓ Correct
B$2,572
C$3,120
D$4,000
Explanation
Total payments in year 1 = $1,331 × 12 = $15,972. Interest paid = $13,952 (given).
Related Ohio Real Estate Math Questions
- A property generates $6,500 per month NOI. At a 6% cap rate, what is the market value?
- An Ohio closing occurs on June 15. The annual property tax is $3,600 (paid in arrears). How much does the seller owe in tax proration? (Use 365-day year)
- A 1,200 sq ft office suite in Columbus rents for $24/sf annually, NNN. The tenant's pro-rata share of common areas adds $3/sf. What is the total annual rent?
- A buyer puts 3.5% down on a $242,000 FHA loan. What is the loan amount?
- An Ohio investor buys a 6-unit apartment for $480,000. Each unit rents for $650/month. What is the annual gross rent multiplier (GRM)?
- A property has monthly gross income of $8,500. Annual operating expenses total $48,000. What is the annual NOI assuming no vacancy?
- A buyer obtains a 30-year $200,000 mortgage at 6% annual interest. What is the monthly interest for the first payment?
- A 6,000 sq ft retail building rents for $22 per sq ft annually. At 92% occupancy, what is the annual effective gross income?
Practice More Ohio Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Ohio Quiz →