Real Estate Math
An Oklahoma commercial property has 20,000 leasable square feet and a 92% occupancy rate. How many square feet are occupied?
A18,000
B18,400✓ Correct
C19,200
D17,000
Explanation
Occupied area = 20,000 x 92% = 20,000 x 0.92 = 18,400 sq ft.
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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.
Math Concepts
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