Real Estate Math
A property in Asheville is purchased for $380,000. The buyer puts down 15%. The loan amount is:
A$285,000
B$323,000✓ Correct
C$342,000
D$350,000
Explanation
Loan amount = $380,000 x (1 - 0.15) = $380,000 x 0.85 = $323,000. To solve this, multiply the relevant values: $380,000 at 15%.. The correct answer is $323,000.. This is a common calculation on the North Carolina real estate exam.
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