Real Estate Math
An Indiana home appraised at $290,000 and is being purchased with a 15% down payment. How much is the loan amount?
A$43,500
B$246,500✓ Correct
C$261,000
D$280,000
Explanation
Down payment = 15% × $290,000 = $43,500. Loan = $290,000 − $43,500 = $246,500. To solve this, multiply the relevant values: $290,000 at 15%.. The correct answer is $246,500.. This is a common calculation on the Indiana real estate exam.
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