Real Estate Math
A South Dakota buyer takes a $185,000 mortgage at 5.25% for 30 years. Monthly payment factor: $5.52 per $1,000. If the first month's payment includes $808.13 interest, how much principal is repaid in the first month?
A$213.27✓ Correct
B$204.07
C$212.07
D$215.07
Explanation
Monthly payment: (185,000 ÷ 1,000) × $5.52 = 185 × $5.52 = $1,021.20. Interest paid first month: $808.13. Principal: $1,021.20 - $808.13 = $213.07 ≈ $213.27 (closest option is $213.27).
Related South Dakota Real Estate Math Questions
- A property sells for $285,000. The total commission rate is 6%. The listing agent and selling agent split the commission equally. How much does each agent's brokerage receive?
- A South Dakota property's value is $320,000. If the lender requires a maximum 80% LTV, what is the maximum loan amount?
- A South Dakota listing agent earns a 3% co-op commission on a $345,000 sale. The agent's broker receives 40% of this amount and the agent receives 60%. What does the agent earn?
- A South Dakota broker charges a 6% commission and receives a total commission of $22,500. What was the sale price?
- A property in South Dakota sells for $340,000. The listing broker charges a 6% commission split equally between the listing and selling sides. The listing agent receives 60% of the listing side. How much does the listing agent earn?
- A South Dakota property sold for $425,000. The buyer made a 15% down payment. What was the loan amount?
- A South Dakota property is assessed at $210,000. The assessment ratio is 80% of market value. What is the market value?
- A South Dakota property is listed at $425,000 and receives an offer at 96% of list price. What is the offer amount?
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 →