Real Estate Math
A rectangular building measures 40 feet by 60 feet. What is the building's square footage?
A2,400 sq ft✓ Correct
B240 sq ft
C200 sq ft
D1,200 sq ft
Explanation
Area = length × width = 60 × 40 = 2,400 square feet. Apply the appropriate real estate math formula to arrive at the answer..
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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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