Real Estate Arithmetic Flashcards
1 acre in sqft
43,560 sqft per acre
1 rod/perch/pole in feet
16.5 ft
1 chain in feet
66 ft
1 mile in feet
5280 feet
1 mile squared in acres & sections
640 acres; 1 section
of sections in a township
36 1x1 mile sections
1 board foot in cubic inches
144 cubic in (board foot = 12”x12”x1”)
Front foot
price per running foot bordering/fronting waterway or highway
Footprint
total sqft, less for interior than whole structure due to exterior wall thickness *not the same as usable sqft
Per annum vs. per diem
per year vs. per day
Calendar year vs. banker’s year vs. leap year
Calendar year = 365 days
Banker’s year = 360 days (30 day months)
Leap year = 366 days
Simple interest
interest is only computed on the principal amount of the loan (+ same amt each month)
Compound interest
interest accrues on the principal amount of the loan and on the interest already accrued computed each month → calculated based on new balance each month (+ same % of new month’s total)
Amortized loan
paid in monthly/semi-annual/quarterly/annual installments (interest + principal reduction amt)
*Loan matures = more of installment payment going to principal vs. interest
Straight loan/note
paid one lump sum at maturity + interest paid in lump sum or installments
