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NC Real Estate Math Formulas 2024 with Verified Solutions

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NC Real Estate Math Formulas 2024 with Verified Solutions Rectangular Survey System - Answer -Each section has 640 acres 36 squares in 1 township To calculate acreage, multiply the denominators. 640/X= acres Real Property Tax - Answer -(Assessed Value / 100) X Tax Rate = Annual Taxes (Assessed Value / 1000) X Mill Rate = Annual Taxes Excise Tax - Answer -Sale Price/$500=Tax Amount (no pennies, round up to next $500) Estimate of Net to Seller - Answer -Minimum Contract Price = Expenses/ (100%-comm.%) Calculating Commission - Answer -Sale Price X Commission Rate = Commission Dollars Finance Formulas - Answer -Loan Amount (LA) X Interest Rate (R) = Annual Interest (AI) Daily Interest (AI/360)=Banker Days-30 days in a month Interest paid over life of loan: (PI) X # of payments = Total PI Total PI payments-Original LA = Interest Paid Principal & Interest Payments (Factors): (LA/$1000) X Factor = Monthly PI Loan Amortization - Answer -AI/ 12 (months)=monthly

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