Real Estate Math
A Tennessee property manager charges a leasing fee equal to one month's rent for finding a new tenant. If the monthly rent is $1,650, what is the leasing fee?
A$1,650✓ Correct
B$825
C$1,485
D$2,475
Explanation
Leasing fee = one month's rent = $1,650. Using the values given ($1,650,), apply the appropriate formula..
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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.
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