Finance
A Colorado buyer qualifies for a $350,000 mortgage. The sale price is $400,000. What is the minimum down payment they must make?
A$25,000
B$40,000
C$50,000✓ Correct
D$80,000
Explanation
Down payment = Sale Price − Loan Amount = $400,000 − $350,000 = $50,000. Using the values given ($350,000, $400,000), apply the appropriate formula..
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