North Carolina Real Estate Pre-Licensing Math Fomulas

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SALES PRICE =COMMISSION/RATE OF COMMISSIONFinance Formulas= 3 of themInterest=Principal x rate x timeInterest=Principal x rate / 12 mos. use to figure monthly interest due on a mortgage loanP & Interest=Loan amount /1000x the loan used to figure payments. Principal & InterestBase Rate Formula:Amt. Rec'd=Base x Rate FIND: Profit/Loss, rates of return on equity, rates of appreciation/depreciation, Income approach to Valuing Properties. Amt. received is anything received. (Profit/Loss) Base is starting the begining of the Point. i.e... Purchasing Price Rate will be a percentage.Interim Interest:Loan Amount x Interest Rate /360 x number of days (Buyers pays). All Pro-rations between buyer & Seller. Seller is responsible for the day of closing. NO EXCEPTIONSREAL ESTATE TAXESAnnual Taxes = Taxes Value x Rate 100 i.e.... 96450/100=964.50 964.50x1.19=1147.76 i.e... 108770/100=108.77 108.77x.0083=902.79 902.79/360=2.51%REAL ESTATE TAXESAD VALOREM= 100 x tax value= assessed value 1/1000Machinery ActAd Valorem that is, according to value. North Carolina's Statue, known as Machinery Act.Mill RateIs a tax rate based upon 1/10th of one cent, or one mill. This equate 0ne-thousandth of a dollar. i.e.. .1x.01=.001 one mill 2 places to the left decimalMill RateOut of state or other states.(1000) Tax Rate 3 places to the leftRevenue Taxes or aka/ Excise TaxExcise Tax=Sales Price/500 (Revenue Tax) Round Up to the next full = 323. Always charge the Seller State Tax transfers Title to Real Property (Deed) 500 Value You can use it 1 time onlyAcre43560 sq. feet1 section640 acres1/4 Section of the full section160 acres1 mile5280 sq. feet36 sq. sq miles6x6