Real Estate Math
A Rhode Island buyer finances $360,000 at 6% interest (annual). What is the monthly interest for the first month?
A$1,600
B$1,800✓ Correct
C$2,000
D$2,160
Explanation
Annual interest: $360,000 x 0.06 = $21,600.
Related Rhode Island Real Estate Math Questions
- A Rhode Island seller pays the realty transfer tax of $2.30 per $500 on a $550,000 sale. How much is the tax?
- A broker earns a 6% commission on a $280,000 sale. The broker retains 40% and pays the remaining 60% to the selling agent. How much does the selling agent earn?
- A Rhode Island property sells for $425,000. The commission is 5%. What is the total commission paid?
- A Rhode Island broker lists a property for $550,000. The seller agrees to pay 5% commission. The listing broker and selling broker split the commission 50/50. How much does each broker receive?
- A seller receives $187,000 after paying a 6% commission. What was the sale price?
- A 6,000 sq ft lot sells at $12/sq ft. What is the sale price?
- A Rhode Island commercial building has a GIM (Gross Income Multiplier) of 8 and annual gross income of $120,000. What is the indicated value?
- A Rhode Island property was listed for $450,000 and sold for 96% of list price. The seller paid a 5.5% commission. What was the net proceeds to the seller before other closing costs?
Practice More Rhode Island Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Rhode Island Quiz →