Real Estate Math
A West Virginia retail space leases for $22 per square foot per year. The tenant occupies 3,200 square feet. What is the monthly rent?
A$5,333
B$70,400✓ Correct
C$6,400
D$7,040
Explanation
Annual rent = 3,200 sq ft × $22/sq ft = $70,400. Monthly rent = $70,400 ÷ 12 ≈ $5,867.
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Key Terms to Know
Gross Rent Multiplier (GRM)
A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
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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