Real Estate Math
A rectangular lot in Providence measures 75 feet x 130 feet. How many square feet is the lot?
A8,750 sq ft
B9,750 sq ft✓ Correct
C10,500 sq ft
D11,250 sq ft
Explanation
75 x 130 = 9,750 sq ft. Remember: 1 acre = 43,560 square feet.
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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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