Finance
A Connecticut property is purchased for $380,000 with a 10% down payment. The buyer obtains a conventional loan for the balance. What is the loan amount?
A$38,000
B$304,000
C$342,000✓ Correct
D$380,000
Explanation
Down payment = $380,000 × 10% = $38,000. Loan amount = $380,000 − $38,000 = $342,000.
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