Real Estate Math
A buyer's mortgage requires a 30% down payment on a $550,000 purchase. What is the down payment amount?
A$55,000
B$110,000
C$165,000✓ Correct
D$220,000
Explanation
$550,000 x 0.30 = $165,000. To solve this, multiply the relevant values: $550,000 at 30%.. The correct answer is $165,000.. This is a common calculation on the New York real estate exam.
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