Finance
A property in Colorado sells for $420,000. The buyer makes a 20% down payment and obtains a conventional mortgage. What is the loan amount?
A$84,000
B$316,000
C$336,000✓ Correct
D$420,000
Explanation
Down payment = $420,000 × 20% = $84,000. Loan amount = $420,000 − $84,000 = $336,000.
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