Real Estate Math
A Florida property sells for $490,000. The buyer obtains a $392,000 mortgage. What is the down payment percentage?
A15%
B18%
C20%✓ Correct
D22%
Explanation
Down payment = $490,000 − $392,000 = $98,000. Down payment % = $98,000 ÷ $490,000 = 20%. Using the values given ($490,000, $392,000), apply the appropriate formula.. The correct answer is 20%.. This is a common calculation on the Florida real estate exam.
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