Real Estate Math
A rectangular commercial lot in Charleston, WV measures 80 feet wide by 125 feet deep. At $50 per square foot, what is the lot value?
A$300,000
B$500,000✓ Correct
C$600,000
D$400,000
Explanation
Area = 80 x 125 = 10,000 sq ft. Value = 10,000 x $50 = $500,000.
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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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