Real Estate Math
A buyer in Iowa agrees to pay $215,000 for a home. The lender requires a 20% down payment. How much must the buyer bring to closing for down payment alone?
A$17,200
B$43,000✓ Correct
C$172,000
D$21,500
Explanation
Down payment = $215,000 x 0.20 = $43,000. The buyer would also need funds for closing costs in addition to the down payment.
Related Iowa Real Estate Math Questions
- An Iowa property sells for $185,000. The buyer pays 3.5% down for an FHA loan. What is the loan amount?
- An Iowa commercial lease has an annual base rent of $18 per square foot for 2,500 square feet. What is the monthly rent?
- An Iowa home is listed for $259,000 and receives an offer for $250,000. The sellers counter at $255,000 and the buyer accepts. The listing broker earns 3% and buyer's broker earns 3% of the final sales price. What is the total commission?
- An Iowa buyer making a $185,000 offer requests a $3,500 seller concession toward closing costs. The seller counters at $183,000 with no concession. Which is the lower net cost to the seller?
- An Iowa lease for 2,200 sq ft at $22/sq ft/year with 3% annual increases. What is the rent in year 2?
- An Iowa home is listed at $268,000 and sells for $261,500. What is the sale-to-list price ratio?
- An Iowa farmland parcel is described as the NW1/4 of Section 12. How many acres does it contain?
- An Iowa agent earns $9,450 on the sale of a $315,000 home. What is their commission rate?
Practice More Iowa Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Iowa Quiz →