Real Estate Math
A rectangular lot in suburban Philadelphia measures 150 feet wide by 200 feet deep. What is the lot size in acres? (1 acre = 43,560 sq ft)
A0.55 acres
B0.69 acres✓ Correct
C0.78 acres
D1.03 acres
Explanation
Area = 150 × 200 = 30,000 sq ft. Acres = 30,000 ÷ 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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