Real Estate Math
A rectangular lot in Myrtle Beach measures 75 feet by 120 feet. What is the area in square feet?
A7,500 sq ft
B9,000 sq ft✓ Correct
C10,500 sq ft
D12,000 sq ft
Explanation
Area = Length × Width = 75 × 120 = 9,000 square feet. 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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