Real Estate Math
A Pennsylvania 30-year mortgage for $250,000 at 6.75% requires a monthly payment of approximately $1,621. What is the total interest paid over the life of the loan?
A$333,560✓ Correct
B$250,000
C$83,560
D$583,560
Explanation
Total payments = $1,621 × 360 months = $583,560. Total interest = Total payments − Principal = $583,560 − $250,000 = $333,560.
Related Pennsylvania Real Estate Math Questions
- A Pennsylvania broker charges 6% commission on a sale. After paying a 50/50 split to the cooperating buyer's broker, each side earns how much on a $380,000 sale?
- A Pennsylvania home's assessed value is $180,000 and the assessment ratio is 80%. What is the estimated market value?
- An investor purchases a Philadelphia rental property for $400,000 with 25% down. The down payment amount is:
- A property sells for $410,000. The buyer finances 90% and pays a 0.9% PMI rate. What is the annual PMI cost?
- A Pennsylvania home purchased for $250,000 is assessed at 75% of market value. The local millage rate is 40 mills. What is the annual property tax?
- A buyer takes out a $240,000 mortgage at 6% annual interest. What is the first month's interest payment?
- A property sells for $310,000. Pennsylvania state transfer tax is 1% and local transfer tax is 1%, split equally between buyer and seller. How much does the buyer pay in transfer tax?
- A Pennsylvania property has a potential gross income of $120,000, a 5% vacancy rate, and operating expenses of $48,000. What is the operating expense ratio?
Practice More Pennsylvania Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Pennsylvania Quiz →