David Saks: July 2014

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 2864

#2864

A borrower has a principal balance on his mortgage of $600 thousand dollars.

His interest rate is 5.5% and his taxes and insurance total $10,800 annually.

His monthly payment is $6000 dollars.

What is the principal balance after he makes the first payment ?

Take your time. The solution is posted below the wildlife photo.

wildlife

A. $597,650

Multiply the principal balance times the interest rate of 5.5% by multiplying 600 thousand times .05 and we see that we have a total annual interest of $33,000.

Now divide 33,000 by 12 months to get the one month interest total of $2750.

Now let's divide the taxes and insurance by 12 months by diving 12 into 10,800 and we see that the monthly taxes and insurance costs equal 900 dollars.

Add 2750 and 900 to get a total interest, taxes and insurance costs of $3650.

Subtract $3650 from 6000 to find that the total principal amount applied to the balance of the mortgage will be $2350.

Subtract $2350 fro the principal balance of the mortgage and we have a total principal balance remaining of $597,650.




David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • July 09 2014 03:09PM
Real Estate Practice : Lesson 2864
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#2864 A borrower has a principal balance on his mortgage of $600 thousand dollars. His interest rate is 5. 5% and his taxes and insurance total $10, 800 annually. His monthly payment is $6000 dollars. What is the principal… more
Real Estate Practice : Lesson 2863
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#2863 The net amount a seller received for his property, after the broker had deducted a sales commission of 5% and an allowance of 400 dollars for advertising, was $908, 000. What was the selling price of the house Take your… more
Real Estate Practice : Lesson 2862
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#2862 How many acres are there in a parcel of land 600 feet by 300 feet Please take your time. The answers are posted below the wildlife photo. A. 4. 132231 Multiply 600 feet times 300 feet and we have a total of 180… more
Real Estate Practice : Lesson 2861
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#2861 If sixteen acres of commercial land sell for $720, 000, how much will 200 acres cost Take your time. The answer is posted below the wildlife photograph. A. 9 million dollars Divide 720 thousand by sixteen to… more
Real Estate Practice : Lesson 2860
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#2860 If you bought a house for the listing price less 20% and sold it for the listing price, what percent of profit would you make Take your time. The answer is posted below the wildlife photo. A. 25% Here's an… more
Real Estate Practice : Lesson 2859
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#2859 A piece of land 500 feet by 350 feet had a sidewalk laid around it by the owner. The sidewalk encompassed the entire lot and a curb was placed along the lot lines. The sidewalk cost $32, 000 and the curb was $20 per lineal… more
Real Estate Practice : Lesson 2858
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#2858 A builder / developer has 5. 25 acres of land. He wants to divide the land into lots 60 feet wide by 100 feet deep. 36, 690 square feet of land is required for street… more
Real Estate Practice : Lesson 2857
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#2857 Arnold got his tax bill today and it was $4903. 00. The tax rate is 42 mills per dollar. The property is assessed at 58. 25% of it's value. What is the actual value of Arnold's property Take your time. The… more
Real Estate Practice : Lesson 2856
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#2856 A landowner has 160 acres of land. He sold 42. 25 acres of the land to one man. He also sold one third of the remaining land to another buyer. How many acres were left A. 78. 5 Acres Let's first… more
Real Estate Practice : Lesson 2855
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#2855 A seller has a tract of land which encompasses 108, 900 square feet of land. The selling price is $12, 500 an acre. How much is the seller asking for the tract of land Take your time. The solution is posted below the… more