Real Estate Math Prep Quiz

The balance on Lois’s loan is $42,000. Of her monthly payment, $297.50 is applied to interest. What is the interest rate on the loan?

Joan is selling her home. She needs to pay off a $65,000 first mortgage, a $15,000 second mortgage, and wants $30,000 in cash for herself. If closing costs total $1,200 and must pay a 7% commission, for how much must she sell the property?

Geoff takes out a $144,000 mortgage at an interest rate of 6%. When he makes the very first mortgage payment, how much will be applied to interest?

If the volume of a pool is 345 cubic feet, how many gallons of water will it take to fill it?

One brokerage sells another brokerage’s listing. Both receive half of the 8% commission. If each company receives $12,120, what is the price of the home?

Adam purchases land for $100,000. He divides it into three lots that are sold for $40,000 each. What is his return on investment?

A property lists for $200,000 and sells in a cooperative transaction for $190,000. The commission rate is 6%, which the brokerages split evenly. How much does each company get?

A triangular lot measures 160’ across the front and is 40’ deep. What is the square footage of the lot?

Jennifer purchases an investment property for $200,000. She later sells it at a loss of $30,000. What is Jennifer’s percent of loss?

An agent sells his own listing; the broker gets half of the commission and the agent gets half, which is $7,582. The home sells for $209,300. What is the commission rate?

The Millers are selling their house for $220,000. They have to pay 6% commission and closing costs of $8,900. They have to pay off the balance of their existing loan, which is $113,500. How much money will they have left to use as a down payment on their next home? If they use the entire net to seller to make a 15% down payment, what’s the most they could afford to pay for a new home?

A local nature preserve takes up 50 acres of land. How many square feet is that?

A property measures 300 feet x 380 feet. If it sells for $20,000 per acre and the commission rate is 7.5%, how much commission will the seller pay?

Jane has an interest-only loan of $10,000 with an interest rate of 8%. Every month, she pays $75. After 20 payments, what is the balance of the loan?

Tom sold his property for $360,700. making a 32% profit. What did he originally pay for the property?