Unit 8 Real Estate Math Exam Questions Correctly Solved 2024.

Unit 8 Real Estate Math Exam Questions Correctly Solved 2024. 12 inches - correct answer 1 foot 5,280 feet - correct answer 1 mile 36 inches - correct answer 1 yard 16 1/2 feet - correct answer 1 rod 3 feet - correct answer 1 yard 320 rods - correct answer 1 mile 144 square inches - correct answer 1 square foot 1,296 square inches - correct answer 1 square yard 9 square feet - correct answer 1 square yard 43,560 square feet - correct answer 1 acre 640 acres - correct answer 1 section = 1 square mile 1,728 cubic inches - correct answer 1 cubic foot 46,656 cubic inches - correct answer 1 cubic yard 27 cubic feet - correct answer 1 cubic yard A $200,000. loan can be amortized with monthly payments of $1,688 over 15 years or $1,432 on a 20 year basis. The 20 year loan would result in total payments of what percent of the 15 year loans total payments? - correct answer $1,688 X 12 x 15 = $303,840.00 $1,432 X 12 X 20 = $343,680. $343,680 divided by $303,840. + 1.13 or 113% A property has an appraised value of $60,000. A loan is granted on the property for 75% of its appraised value. The loan is spread over 25 years at an interest rate of 1/2% per month. If the amount paid toward the principal is to remain constant throughout the life of the loan, what is the first monthly payment? - correct answer $60,000 x .75 = $45,000, Loan of $45,000. Fraction to decimal = ½% = .005 .005 x 12 = .06 Loan of $45,000 x .06 = $2,700 / 12 = $225;$45,000 / 300 pymts = $150; $225 (I) + $150 (P) = $375 payment