Real Estate Math
A West Virginia contractor charges $85 per square foot to renovate a 1,200 square foot home. What is the total renovation cost?
A$96,000
B$102,000✓ Correct
C$85,000
D$110,000
Explanation
Total cost = 1,200 sq ft x $85/sq ft = $102,000. Using the values given ($85), apply the appropriate formula..
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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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