Real Estate Math
A property is appraised at $320,000. The buyer makes a 20% down payment. What is the loan amount?
A$64,000
B$256,000✓ Correct
C$280,000
D$304,000
Explanation
Down payment = $320,000 × 0.20 = $64,000. Loan amount = $320,000 - $64,000 = $256,000.
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