Chapter 13 - Math Flashcards
Process of paying off a loan in equal installments of principal and interest.
amortization
To divide or distribute expenses, either prepaid or paid in arrears, between buyer and seller at the closing (such as taxes, interest, and rents).
prorate or prorations
A level surface or piece of ground; the size of a surface; the amount of a two-dimensional object.
area
Charge made by a lender for the use of money; the type and extend of ownership in a property.
interest
Measurement in a straight line.
linear measurement
The number written above the line o fa fraction representing the number to be divided by the denominator.
numerator
One part in a hundred.
percent
The number resulting from dividing one number by another.
quotient
A year composed of 12 months, with each month consisting of 30 days, for a total of 360 days in the year. Also called a banker’s year.
statutory year
The amount of space of a three-dimensional object.
volume
The appraisal principle stating that the greatest value in a property will occur when the type and size of the improvements are proportional to each other as well as the land.
balance
The measurement of a parcel of land by the number of feet of street or road frontage.
front footage
The length of property along the street or waterfront.
frontage
The number written below the line in a fraction.
denominator
A number or quantity divided into another.
divisor
