Real Estate Math
A buyer makes a 20% down payment on a $275,000 home. What is the loan amount?
A$200,000
B$210,000
C$220,000✓ Correct
D$230,000
Explanation
Down payment = $275,000 x 20% = $55,000. Loan amount = $275,000 - $55,000 = $220,000. To solve this, multiply the relevant values: $275,000 at 20%.. The correct answer is $220,000.. This is a common calculation on the New Mexico real estate exam.
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