Real Estate Math
A 5-acre parcel in rural Utah sells for $75,000. What is the price per acre?
A$12,500
B$15,000✓ Correct
C$10,000
D$7,500
Explanation
Price per acre = $75,000 ÷ 5 = $15,000 per acre. Using the values given ($75,000), 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.
Math Concepts
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