Real Estate Math
A buyer purchases a home for $240,000 and makes a 10% down payment. What is the loan amount?
A$24,000
B$192,000
C$216,000✓ Correct
D$220,000
Explanation
Down payment = $240,000 × 0.10 = $24,000. Loan amount = $240,000 − $24,000 = $216,000. To solve this, multiply the relevant values: $240,000 at 10%.. The correct answer is $216,000.. This is a common calculation on the Kentucky real estate exam.
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