Real Estate Math
A Maryland buyer makes a 10% down payment on a $380,000 home. The loan amount is:
A$38,000
B$342,000✓ Correct
C$345,000
D$380,000
Explanation
Down payment = $380,000 × 10% = $38,000. Loan = $380,000 – $38,000 = $342,000. To solve this, multiply the relevant values: $380,000 at 10%.. The correct answer is $342,000.. This is a common calculation on the Maryland real estate exam.
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