Finance
A buyer in Anchorage purchases a home for $450,000 with a 20% down payment. What is the loan amount?
A$90,000
B$360,000✓ Correct
C$380,000
D$400,000
Explanation
Down payment = $450,000 × 20% = $90,000. Loan amount = $450,000 − $90,000 = $360,000. The buyer finances 80% of the purchase price, which equals $360,000.
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