Real Estate Math
A 5-acre parcel sells for $125,000. What is the price per square foot?
A$0.57✓ Correct
B$0.49
C$0.62
D$0.71
Explanation
5 acres = 5 × 43,560 = 217,800 sq ft. Price per sq ft = $125,000 / 217,800 = $0.
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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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