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© 2013 All rights reserved. Chapter 8 Real Estate Mathematics 1 New York Real Estate for Salespersons, 5th e By Marcia Darvin Spada Cengage Learning
© 2013 All rights reserved. Chapter 8 Real Estate Mathematics 2 Chapter 8 Real Estate Mathematics
© 2013 All rights reserved. Chapter 8 Real Estate Mathematics 3 Chapter 8 Key Terms Acre Commission Front foot Gross income Interest Net operating income Point Principal Property tax rate
© 2013 All rights reserved. Chapter 8 Real Estate Mathematics 4 Commission Problems Sales price x Percentage of commission = Commission If a salesperson lists and sells a property for $200,000 and receives 60% of the 7% commission paid to the employing broker, how much does the salesperson receive? $200,000 x 0.07 = $14,000 0.60 x $14,000 = $8,400
© 2013 All rights reserved. Chapter 8 Real Estate Mathematics 5 Principal and Interest Problems Loan balance x rate of interest = annual interest A mortgage balance is currently $43,627.14 and the amount of interest applied to the loan this month is $309. What is the annual interest rate? $309 x 12 mos = $3,708 annual interest 3,708 ÷ $43,627.14 =.0849929 = 8.5% rounded
© 2013 All rights reserved. Chapter 8 Real Estate Mathematics 6 Calculating Area and Length Rectangle area= length x width Square area = side x side Triangle area = (.05 x base) x height Acre = 43,560 sq ft A rectangular acre of land has a width of 165 feet. What is the depth of the property? 43,560 ÷ 165 = 264 feet
© 2013 All rights reserved. Chapter 8 Real Estate Mathematics 7 Property Tax Rate Assessed value x tax rate =annual taxes If the assessed value of a property is $136,000 and the annual tax paid is $1,700, what is the tax rate per $100 of assessed value? $1,700 ÷ $136,000 = 0.0125 = $1.25
© 2013 All rights reserved. Profit/Loss on Sale of Real Estate Investment x percent of profit = dollars in profit Investment x percent of loss =dollars lost Jaycee purchases land in 2001 for $35,000. She plants trees in 2004 costing $15,500. In 2006, she sells the land for $46,000. What is her percentage of loss? $50,500 - $46,000 = $4,500 $4,500 ÷ $50,500 = 8.91%, 9% rounded Chapter 8 Real Estate Mathematics8
Business Math, Eighth Edition Cleaves/Hobbs © 2009 Pearson Education, Inc. Upper Saddle River, NJ All Rights Reserved 15.1 Mortgage Payments Find.
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