Real Estate Math
A lender in Indiana requires a minimum 20% down payment on a $420,000 purchase. The buyer currently has $60,000 in savings. How much more does the buyer need?
A$12,000
B$24,000✓ Correct
C$48,000
D$60,000
Explanation
Required down payment = $420,000 × 0.20 = $84,000. Additional needed = $84,000 − $60,000 = $24,000. To solve this, multiply the relevant values: $420,000 and $60,000 at 20%.. The correct answer is $24,000.. This is a common calculation on the Indiana real estate exam.
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