Real Estate Math
An Idaho investor purchases a property for $480,000 with a 25% down payment and finances the rest at 5% annually. What is the loan amount?
A$300,000
B$340,000
C$360,000✓ Correct
D$380,000
Explanation
Down payment = 25% × $480,000 = $120,000. Loan amount = $480,000 − $120,000 = $360,000. To solve this, multiply the relevant values: $480,000 at 25%.. The correct answer is $360,000.. This is a common calculation on the Idaho real estate exam.
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