Real Estate Math
A Wyoming buyer's monthly PITI (principal, interest, taxes, and insurance) payment is $2,400. The lender requires that PITI not exceed 28% of gross monthly income. What minimum gross monthly income is required?
A$7,200
B$8,571✓ Correct
C$6,720
D$9,600
Explanation
Minimum gross monthly income = PITI ÷ Maximum Ratio = $2,400 ÷ 0.28 = $8,571. To solve this, multiply the relevant values: $2,400 at 28%.. The correct answer is $8,571.. This is a common calculation on the Wyoming real estate exam.
Related Wyoming Real Estate Math Questions
- A Wyoming salesperson earns 60% of their broker's 3% commission on a $380,000 sale. How much does the salesperson earn?
- A Wyoming property was purchased for $140,000, improved by $30,000, and sold for $225,000 with a 5% commission. What is the net gain (before taxes)?
- Points on a Wyoming mortgage loan: one point equals what percentage of the loan amount?
- A Wyoming commercial property's EGI is $180,000. Operating expenses are $72,000 and annual debt service is $60,000. What is the annual cash flow after debt service?
- A Wyoming property has a potential gross income of $150,000/year. Vacancy is 6% and operating expenses are 40% of EGI. What is the NOI?
- A Wyoming real estate transaction closes on July 10. The annual property tax of $3,600 has NOT been paid. Using a 365-day year, how much does the seller owe the buyer in property tax proration?
- A Wyoming property was purchased for $420,000 and sold 5 years later for $504,000. Ignoring expenses, what was the total return?
- A Wyoming rancher sells 320 acres at $3,750 per acre. What is the total sale price?
Practice More Wyoming Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Wyoming Quiz →