Math Question

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This topic contains 9 replies, has 6 voices, and was last updated by  Kathleen Millar 1 year, 4 months ago.

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  • #5918

    Marliss Scott
    Participant

    What is the gentleman’s name that taught the Math Review at the April Live Pre-test class? Bob? I had to leave early and don’t know how to answer questions 9 and 10 on the Math Review. They both involve figuring out how much principal is paid in a principal/interest payment on a loan. He gave us his email and cell #, which I can’t locate right now! Can you please give that to me? Thanks!

  • #5919

    Marliss Scott
    Participant

    Never mind – I found it in my notes: Bob Allphin.

    • #6835

      Erica Stoddard
      Participant

      I won’t be able to make the Math review part and have a few questions.. do you still have that contact number by chance? : )

  • #6855

    Brian Swan
    Keymaster

    Bob is now retired. You can come in and discuss math personally Tuesdays from 10:30 – noon, or you can call in with your questions. Dave Swan now conducts the final math review.

  • #6925

    Courtney Radmall
    Participant

    I just took the online exam for Math A and I am really confused on question #5. I don’t understand why the answer isn’t c. I understand the math to get to the number $200 but I thought that the buyer owes the seller that money because he will start living there the day after closing. Why would the seller owe the buyer that money?

  • #6929

    Brian Swan
    Keymaster

    Courtney,

    In questions about the proration of rent, the seller will typically owe a balance to the buyer because rent for the month is usually paid at the beginning of the month. When closing happens in the middle of the month, the seller has already received rent for the entire month, they now have to give the buyer the amount of rent money that would cover the time the buyer owns the property.

  • #6972

    Alison Dodds
    Participant

    Hi! Math Worksheet, question 6 on page 225 in the book. Totally different answer #6 on page 511. Is this an error in the book or am I not seeing how to answer the problem correctly?

    • #6973

      Alison Dodds
      Participant

      AH! I got it, I was overthinking. No need to respond. Thanks!

  • #7019

    Kathleen Millar
    Participant

    Not sure what I’m missing here on these two Math questions

    # 7 – it says the SEMI-annual rate is $3524 and they want the annual rate on a 52200$ mortgage. Wouldn’t that be 3524*5=7048 then you do 52200/7048= 7.4% (answer c) its telling me the correct answer is d. 13.5% ( even the semi annual percent is 14.8) What am I missing here…?

    #10 – $50,000*.095= a payment of $4750 per month= 158.33 per day, wouldn’t that be the interest paid on closing? Maybe I’m misunderstanding something that happens on closing. Thanks!

    • #7020

      Kathleen Millar
      Participant

      Nevermind on question #10- I see what I was doing wrong now, per year (duh) and how much would the seller pay, not the buyer.

      Still confused on #7 (also i meant $3,524*2, mistyped)

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