Real Estate Math
An Oklahoma buyer's lender requires a debt-to-income ratio no greater than 43%. The buyer has gross monthly income of $5,500 and existing monthly debts of $650. What is the maximum monthly mortgage payment (PITI) allowed?
A$1,715✓ Correct
B$2,365
C$1,065
D$1,025
Explanation
Maximum total monthly debt = $5,500 × 43% = $2,365. Maximum mortgage payment = $2,365 − $650 (existing debts) = $1,715.
Related Oklahoma Real Estate Math Questions
- An Oklahoma property has a GRM of 120 and monthly gross rent of $1,750. What is the estimated value?
- A seller nets $285,000 after paying a 6% commission. What was the original sale price?
- A buyer puts down 20% on a $350,000 purchase. What is the loan amount?
- A rectangular commercial building measures 120 ft x 80 ft. What is the gross building area?
- An Oklahoma investor receives a 12% annual return on their $380,000 investment. What is the annual income?
- An Oklahoma property sold for $495,000. The seller paid a 5.5% commission, $3,200 in closing costs, and had a mortgage payoff of $310,000. What were the seller's net proceeds?
- An Oklahoma property sells for $520,000 with seller concessions of 3%. What is the net amount the seller receives before other costs?
- An Oklahoma commercial lease requires rent of $22/sq ft/year on 3,200 sq ft with 3% annual escalations. What is the rent in year 2?
Practice More Oklahoma Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oklahoma Quiz →