Real Estate Math

A Maine property valued at $550,000 is purchased with a 15% down payment. The mortgage amount is:

A$440,000

B$467,500✓ Correct

C$495,000

D$522,500

Explanation

Down payment = $550,000 × 15% = $82,500. Mortgage = $550,000 − $82,500 = $467,500.

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