Finance
A Minnesota property sells for $420,000. The buyer puts 20% down and obtains a conventional mortgage. What is the loan amount?
A$84,000
B$336,000✓ Correct
C$315,000
D$350,000
Explanation
Down payment = $420,000 x 20% = $84,000. Loan amount = $420,000 - $84,000 = $336,000.
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