Real Estate Math
A borrower takes a $180,000 mortgage at 5.5% for 30 years. The monthly payment factor is $5.68 per $1,000. What is the monthly P&I payment?
A$824
B$1,022.40✓ Correct
C$990
D$1,102.50
Explanation
Monthly P&I = Loan amount / $1,000 x payment factor = $180,000 / $1,000 x $5.68 = 180 x $5.
Related Ohio Real Estate Math Questions
- An Ohio seller needs to net $240,000 after paying a 6% commission. What must the property sell for?
- A salesperson earns 2.8% of the sale price. The property sold for $375,000. How much commission does the salesperson earn?
- If a home in Columbus sells for $375,000 and the state conveyance fee is $1/$1,000 plus a county add-on of $2/$1,000, what is the total conveyance fee?
- An Ohio home sold for $395,000. The listing agent receives 3% and the buyer's agent receives 2.5%. How much does the listing agent earn?
- A buyer in Cleveland purchases a $220,000 home with a 3.5% FHA down payment. How much is the down payment?
- A buyer purchases a $310,000 home with an FHA loan requiring 3.5% down. What is the buyer's down payment?
- A broker earns a 6% commission on a $390,000 sale and splits it 60/40 with the co-op broker. How much does the listing broker receive?
- An Ohio property is assessed at $96,000. The millage rate is 55 mills. What is the annual property tax?
Practice More Ohio Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Ohio Quiz →