Calculations Flashcards
1
Q
The employee makes $1000 a week. What is his gross monthly income? _____________
A
1,000 • 52 (weeks in a year) = 52,000
52,000 / 12 = $4,333.33
2
Q
The employee works 37 hours a week at $15 per hour. What is his gross monthly income?
A
37•52 = 1924 1924•15 = $28,860
3
Q
The purchase price is $300,000; the appraisal value is $290,000, and the LTV is 80%. What is the loan amount?
A
$232,000
The LTV uses whichever is lower of the sale price or appraisal value.
$290,000 • .80 = 232,000
