Real Estate Math
An Oklahoma buyer wants to pay no more than $1,500/month total for a mortgage. Using a factor of $7.16 per $1,000 for a 30-year loan at 7.5%, what is the maximum loan amount?
A$209,497✓ Correct
B$190,000
C$215,000
D$200,000
Explanation
Maximum loan = (Payment ÷ Factor) × 1,000. $1,500 ÷ $7.
Related Oklahoma Real Estate Math Questions
- A buyer in Oklahoma pays $6,500 in discount points to reduce their interest rate. If one point equals 1% of the loan amount and the loan is $260,000, how many points did they buy?
- A property in Tulsa sells for $415,000. After paying a 5.5% commission, how much does the seller net from the commission alone (before other costs)?
- A property's assessed value is $65,000 and the tax rate is 120 mills. What is the annual property tax?
- A seller lists a property at $320,000 and agrees to pay a 5.5% commission. The property sells for $305,000. How much commission is paid?
- An investor receives a $14,400 annual net income on a $180,000 investment. What is the capitalization rate?
- A buyer's closing costs are estimated at 3% of the purchase price of $240,000. How much should the buyer set aside for closing costs?
- A 1/4 section of Oklahoma farmland (160 acres) sells for $2,100 per acre. What is the total sale price?
- A property in Norman, Oklahoma sells for $275,000. The buyer pays 5% down and the seller agrees to pay 3% of the purchase price in closing costs. How much are the seller-paid closing costs?
Practice More Oklahoma Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oklahoma Quiz →