Real Estate Math
A Kansas buyer has $30,000 for a down payment. The lender requires 20% down. What is the maximum purchase price the buyer can afford?
A$120,000
B$150,000✓ Correct
C$160,000
D$140,000
Explanation
Maximum purchase price = Down payment / Down payment percentage. $30,000 / 0.20 = $150,000. To solve this, multiply the relevant values: $30,000 at 20%.. The correct answer is $150,000.. This is a common calculation on the Kansas real estate exam.
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