Real Estate Math
A buyer in Indiana wants to buy a home priced at $285,000 with a 5% down payment. What is the loan amount?
A$256,500
B$270,750✓ Correct
C$275,000
D$280,000
Explanation
Down payment = $285,000 × 5% = $14,250. Loan amount = $285,000 − $14,250 = $270,750. To solve this, multiply the relevant values: $285,000 at 5%.. The correct answer is $270,750.. This is a common calculation on the Indiana real estate exam.
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