Real Estate Math
A Wisconsin property owner borrows $45,000 through a home equity loan at 7.5% per year. What is the monthly interest?
A$281.25✓ Correct
B$337.50
C$375.00
D$450.00
Explanation
Monthly interest = $45,000 × 7.5% ÷ 12 = $45,000 × 0.
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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.
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.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
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.
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