Real Estate Math
A NJ buyer puts 10% down on a $500,000 home. What is the loan amount?
A$400,000
B$450,000✓ Correct
C$475,000
D$490,000
Explanation
Down payment = $500,000 × 0.10 = $50,000. Loan amount = $500,000 – $50,000 = $450,000. To solve this, multiply the relevant values: $500,000 at 10%.. The correct answer is $450,000.. This is a common calculation on the New Jersey real estate exam.
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