Real Estate Math
A New Orleans property sells for $425,000. The buyer makes a 20% down payment. What is the loan amount?
A$85,000
B$340,000✓ Correct
C$350,000
D$380,000
Explanation
Down payment = $425,000 × 20% = $85,000. Loan amount = $425,000 − $85,000 = $340,000. To solve this, multiply the relevant values: $425,000 at 20%.. The correct answer is $340,000.. This is a common calculation on the Louisiana real estate exam.
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