Real Estate Math
A 5-acre commercial parcel in Norman, Oklahoma sells for $125,000 per acre. What is the total sale price?
A$525,000
B$600,000
C$625,000✓ Correct
D$650,000
Explanation
Total price = 5 acres x $125,000/acre = $625,000. Using the values given ($125,000), apply the appropriate formula..
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Key Terms to Know
Amortization
The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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