Real Estate Math
A Pennsylvania lot is described as being 200' × 100'. How many square feet is this lot?
A10,000 sq ft
B20,000 sq ft✓ Correct
C40,000 sq ft
D300 sq ft
Explanation
Area = Length × Width = 200 × 100 = 20,000 sq ft. This lot is 20,000 ÷ 43,560 = 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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