Real Estate Math

A buyer in New Hampshire purchases a home for $310,000 with a 5% down payment. What is the loan amount?

A$15,500

B$294,500✓ Correct

C$310,000

D$325,500

Explanation

Down payment = 5% × $310,000 = $15,500. Loan amount = $310,000 − $15,500 = $294,500.

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