Real Estate Math
A Colorado property sold for $395,000. The buyer paid 3.5% down and financed the rest. How much did the buyer borrow?
AA. $381,175✓ Correct
BB. $380,000
CC. $13,825
DD. $381,000
Explanation
Down payment = 3.5% × $395,000 = $13,825. Loan amount = $395,000 - $13,825 = $381,175. To solve this, multiply the relevant values: $395,000 at 3.5%.. The correct answer is A. $381,175.. This is a common calculation on the Colorado real estate exam.
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