Real Estate Math
A property in Westchester is purchased for $620,000 with a 20% down payment. The loan amount is:
A$124,000
B$496,000✓ Correct
C$500,000
D$520,000
Explanation
Down payment = $620,000 × 20% = $124,000. Loan amount = $620,000 - $124,000 = $496,000. To solve this, multiply the relevant values: $620,000 at 20%.. The correct answer is $496,000.. This is a common calculation on the New York real estate exam.
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