Real Estate Math
A Florida buyer puts 20% down on a $425,000 home. What is the loan amount and what are the doc stamps on the mortgage note ($0.35/$100)?
A$1,190✓ Correct
BLoan: $340,000; doc stamps: $1,400
CLoan: $350,000; doc stamps: $1,225
DLoan: $400,000; doc stamps: $1,400
Explanation
Down payment = $425,000 × 20% = $85,000. Loan = $425,000 − $85,000 = $340,000.
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