Real Estate Math
A buyer's loan has a balance of $180,000 at an annual interest rate of 6%. What is the monthly interest payment for the first month?
A$750
B$900✓ Correct
C$1,080
D$1,250
Explanation
Monthly interest = $180,000 × (6% / 12) = $180,000 × 0.005 = $900.
Related Ohio Real Estate Math Questions
- An Ohio property is appraised at $280,000. The county auditor assesses it at 35% for tax purposes. The millage rate is 60 mills. What is the annual tax? (1 mill = $0.001 per $1 of value)
- A house appreciates at 4% per year. If it is worth $300,000 today, what will it be worth in 3 years?
- An Ohio office building has 15,000 square feet of rentable space. The owner charges $18 per sq ft annually. At 90% occupancy, what is the annual income?
- A property was appraised at $250,000. The county uses 35% assessment. The tax rate is 55 mills. What is the semiannual tax bill?
- If a property's NOI is $55,000 and the annual debt service is $38,500, what is the debt service coverage ratio (DSCR)?
- A seller accepts an offer of $425,000. After paying a 5.5% commission and $4,200 in other closing costs, what does the seller net?
- A property manager charges 8% of collected rents. In a month where gross rents are $12,500 and 2 units are vacant ($1,200 total vacancy), what is the management fee?
- A home sells for $380,000 and the buyer makes a 20% down payment. The lender charges 1.5 points. What is the dollar cost of points?
Practice More Ohio Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Ohio Quiz →