Finance
An Indiana buyer obtains an FHA loan with 3.5% down on a $280,000 home. What is the down payment amount?
A$5,600
B$8,400
C$9,800✓ Correct
D$14,000
Explanation
3.5% × $280,000 = $9,800 down payment. To solve this, multiply the relevant values: $280,000 at 3.5%.. The correct answer is $9,800.. This is a common calculation on the Indiana real estate exam.
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