Real Estate Math
A Delaware property is purchased for $275,000 with 20% down. The mortgage rate is 7% annually on a 30-year loan. What is the loan amount?
A$220,000✓ Correct
B$55,000
C$275,000
D$195,000
Explanation
Down payment = $275,000 × 20% = $55,000. Loan Amount = $275,000 − $55,000 = $220,000. To solve this, multiply the relevant values: $275,000 at 20%.. The correct answer is $220,000.. This is a common calculation on the Delaware real estate exam.
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