Real Estate Math
A South Dakota buyer obtains a $250,000 mortgage at 4.5% for 30 years. The monthly payment factor is $5.07 per $1,000 borrowed. What is the monthly P&I payment?
A$1,167.50
B$1,267.50✓ Correct
C$1,350.00
D$1,017.50
Explanation
Monthly payment = (Loan Amount ÷ 1,000) × Payment Factor = ($250,000 ÷ 1,000) × $5.07 = 250 × $5.
Related South Dakota Real Estate Math Questions
- A South Dakota property is rented for $1,200/month. The property management fee is 9% of collected rents. Annual property taxes are $2,400 and insurance is $1,200. What are the total annual expenses (including management)?
- A rectangular agricultural parcel in South Dakota measures 1/2 mile by 1/4 mile. How many acres does it contain? (1 section = 640 acres)
- A rectangular South Dakota commercial building is 60 feet wide and 120 feet deep. What is the square footage?
- A South Dakota property's annual rent is $24,000. The property management fee is 10%. What is the annual management fee?
- A South Dakota investment property with a purchase price of $600,000 and an NOI of $54,000 has what cap rate?
- A South Dakota home is assessed at 85% of its market value of $250,000. If the mill rate is 18 mills, what is the annual property tax?
- A South Dakota buyer's monthly gross income is $8,500. Using a 36% back-end DTI ratio, what is the maximum total monthly debt payment allowed?
- In South Dakota, a $250,000 property has a 70% LTV loan. The buyer's down payment is:
Practice More South Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Dakota Quiz →