Real Estate Math
A buyer secures a 30-year fixed mortgage on a $350,000 NC home with 10% down at 7% annual interest. The loan amount is:
A$280,000
B$315,000✓ Correct
C$350,000
D$245,000
Explanation
Loan amount = Purchase price x (1 minus down payment %) = $350,000 x 0.90 = $315,000. To solve this, multiply the relevant values: $350,000 at 10%.. The correct answer is $315,000.. This is a common calculation on the North Carolina real estate exam.
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