Real Estate Math
A New Mexico investor purchases a rental home for $280,000 with a 20% down payment. What is the loan amount?
A$224,000✓ Correct
B$240,000
C$260,000
D$56,000
Explanation
Down payment = $280,000 x 20% = $56,000. Loan amount = $280,000 - $56,000 = $224,000. To solve this, multiply the relevant values: $280,000 at 20%.. The correct answer is $224,000.. This is a common calculation on the New Mexico real estate exam.
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