Real Estate Math
A buyer purchases a home for $485,000 and makes a 20% down payment. What is the loan amount?
A$97,000
B$388,000✓ Correct
C$400,000
D$412,000
Explanation
Down payment = $485,000 × 0.20 = $97,000. Loan amount = $485,000 − $97,000 = $388,000.
Related California Real Estate Math Questions
- A buyer takes out a $400,000 mortgage at 6% annual interest. What is the simple interest amount due for the first month?
- A $350,000 home appreciates 4% per year. What is it worth after 2 years?
- A home sells for $450,000. The commission rate is 6%. How much is the total commission?
- A rectangular lot measures 150 feet wide by 200 feet deep. What is the lot's area in acres? (1 acre = 43,560 sq ft)
- A home is purchased for $480,000 with a 20% down payment. The buyer pays 1% of the loan amount as an origination fee. How much is the origination fee?
- A property is assessed at 60% of its market value of $500,000. The tax rate is $1.20 per $100 of assessed value. What are the annual property taxes?
- A property is appraised at $320,000. The buyer makes a 20% down payment. What is the loan amount?
- A property generates annual gross rent of $96,000. If comparable properties sell at a GRM of 12 (annual), what is the estimated property value?
Practice More California Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free California Quiz →