Attached are 15 questions that I would like help with.

FIN 344 - Fall 2016 Real Estate Math Exam Name:__________________________________ JAG #:__________________ Instructions: Show all of your work (financial calculator keystrokes where applicable) in the spaces provided. When complete, scan and submit as a single uploaded file only through the Real Estate Math Exam Sakai Assignment page. 1. What is the amount of annual property taxes due for a property that qualifies for a homestead exemption of $25,000 in a jurisdiction that imposes a total millage rate of 27.5 mills and has a market value of $238,000? 2. Ed's Furs pays rental payments of $1,200 per month plus 1.5 percent of gross sales over $18,000. What will Ed's payment be when sales are $26,000 per month? 3. A sales contract specifies a 6 percent commission. 40 percent of this commission goes to the listing agent, 20 percent goes to the selling agent and 40 percent goes to the brokerage firm. How much commission will the seller pay when his or her property sells for $65,000? Use the following information for Questions 4, 5, and 6: NOI EGI Selling Price Property 1 82,000 122,000 1,250,600 Property 2 75,000 111,500 1,146,300 Property 3 94,000 140,000 1,433,600 Subject 60,000 108,000 ? 4. What is the capitalization rate? 5. What is the value of the subject property by the direct capitalization technique? 6. What is the value of the subject property by the gross income multiplier method? 7. Suppose an investor buys a property today for $70,000. If it increases in value by 10% each year, what will it be worth at the end of three years? 8. You are buying a $62,000 house for 10% down, with the rest financed at 11 3/4% for 30 years with fixed monthly payments. You must pay 2 points for the loan. What is your monthly loan payment? 9. You have made 60 monthly payments of $500 at 8.5% annual interest. You have 300 payments left on the loan. If you sell the house and must pay off this loan, how much do you owe the lender? 10. A borrower is offered a mortgage loan for $100,000 with an interest rate of 10% and a 30year amortization period with monthly payments. The origination fee is 1% of the loan and the lender charges two discount points. What is the effective interest rate? 11. You are buying a $162,000 house with a 20% down payment and a fixed-rate mortgage for the remainder at 8.75% for 30 years with monthly payments. What is the balance or amount outstanding on the loan at the end of the fourth year? 12. You are buying a $162,000 house with a 20% down payment and a fixed-rate mortgage for the remainder at 8.75% for 30 years with monthly payments. How much total interest is due over the full term of the loan? The following information applies to Questions 13 and 14: Net Operating Income: $14,000 Depreciation: $4,000 Debt Service: $13,000 (interest is $12,000 of this amount) Vacancy and Credit Loss: $7,000 Interest Expense: $12,000 Operating Expenses: $3,000 Tax rate: 28% 13. Assuming that the investor can use any tax shelter benefits, what are the taxes due or the taxes saved ($$$) for these annual figures? 14. Assuming that the investor can use any tax shelter benefits, what is the cash flow after taxes? 15. Given a property with a gross selling price of $1,000,000, a net selling price of $950,000, accumulated depreciation of $200,000, a loan payoff of $350,000, a purchase price of $350,000, depreciated value of $150,000, a capital gain tax rate of 20%, and a tax rate on capital gains due to depreciation of 25%, what are the taxes due on the sale