North Carolina Real Estate Exam In One Question
You probably arrived here at this article from my other article about this real estate question. I gave my night real estate class this question; “If you borrowed $100,000 at 6% interest with monthly interest only payments for ten years, how much would your last payment be?”
If you are soon taking the North Carolina real estate exam in Asheville, North Carolina, stop reading right now and compute the answer. Here are your exam answer choices.
Before you read any further, if you think you are ready for the North Carolina real estate exam, mark your answer. A or B or C or D
The correct answer is $100,500. Your monthly interest only payments are $500. You make 119 payments of $500. One month later your “balloon payment” of $100,000 is due. Also you owe the last month’s interest, $500. This is a total of $100,500, final payment.
Please do not underestimate the North Carolina real estate exam. In June of 2016, the pass rate was 57%. That is a lot of disappointed real estate exam applicants. Don’t join that group. Join the group that intends to pass the exam the first time.
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