Real Estate Math
An Oregon home was purchased for $295,000. Three years later, it sells for $340,300. What is the total percentage appreciation?
A13.4%
B14.5%
C15.3%✓ Correct
D16.0%
Explanation
Appreciation: $340,300 − $295,000 = $45,300. Percentage: $45,300 ÷ $295,000 = 0.
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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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