Chapter 8 - Real Estate Math Flashcards
What is the area of an acre?
43,560 square fit
What is a mill?
One tenth of a penny or the number divided by 1,000
What are the rules to calculating a prorate?
1) Some areas use 360 days and some 365, but question should state
2) Some areas prorate with the seller paying for the day of closing while others prorate with date belonging to the buyer and therefore her expense
How do you calculate an ammortization example?
1) Multiply loan balance by annual interest rate
2) Divide the annual interest by 12 months
3) Subtract the interest from the payment to determine principal portion
4) Subtract principal portion from the loan balance
How do you calculate a discount point example?
Multiply the loan amount (purchase price time LTV) by the discount %
How many feet are in a mile?
5,280
How many feet are in a rod?
16.5
How many rods are in a mile?
320
How many acres are in a section and sections in a mile?
640 acres = 1 section = 1 square mile
