Finance
A North Carolina buyer is purchasing a $300,000 home with 5% down. What is the loan amount?
A$270,000
B$280,000
C$285,000✓ Correct
D$295,000
Explanation
Down payment = $300,000 x 5% = $15,000. Loan amount = $300,000 - $15,000 = $285,000. To solve this, multiply the relevant values: $300,000 at 5%.. The correct answer is $285,000.. This is a common calculation on the North Carolina real estate exam.
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