Real Estate Math
A Utah agent's monthly income target is $12,000. If average commission per transaction is $8,000, how many transactions per month are needed?
A1
B1.5✓ Correct
C2
D2.5
Explanation
$12,000 / $8,000 = 1.5 transactions per month.
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Key Terms to Know
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.
AmortizationThe 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.
Math Concepts
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