Real Estate Math
A Vermont buyer obtains a 30-year, $240,000 mortgage at 6.5% annual interest. What is the approximate monthly interest for the FIRST payment?
A$1,200
B$1,300✓ Correct
C$1,400
D$1,500
Explanation
Monthly interest = Principal × (Annual Rate ÷ 12) = $240,000 × (0.065 ÷ 12) = $240,000 × 0.
Related Vermont Real Estate Math Questions
- A Vermont investment property has a capitalization rate of 7% and an NOI of $35,000. What is the indicated value?
- A Vermont property's assessed value is $225,000 and the tax rate is $1.45 per $100 of assessed value. What is the annual property tax bill?
- The Vermont Property Transfer Tax rate is 1.45% for a non-primary-residence purchase. A buyer purchases an investment property for $640,000. What is the Property Transfer Tax?
- A Vermont home sells for $375,000. The Vermont Property Transfer Tax for a non-primary-residence buyer is 1.45% of the purchase price. What is the tax?
- A Vermont investment property has a gross monthly rent of $2,800. The gross rent multiplier (GRM) for comparable properties is 145. What is the estimated market value?
- A Vermont lender requires a debt coverage ratio (DCR) of at least 1.25 on a commercial loan. The annual NOI is $75,000. What is the maximum annual debt service that would be approved?
- A Vermont seller nets $318,250 after paying a 5% commission. What was the sale price?
- A Vermont buyer's loan amount is $240,000 at 6% annual interest. What is the first month's interest payment?
Practice More Vermont Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Vermont Quiz →