Real Estate Math
An investor in NC buys an office building for $1,200,000 with a 25% down payment. The mortgage loan amount is:
A$300,000
B$900,000✓ Correct
C$960,000
D$1,000,000
Explanation
Down payment = $1,200,000 x 0.25 = $300,000. Loan amount = $1,200,000 - $300,000 = $900,000. To solve this, multiply the relevant values: $1,200,000 at 25%.. The correct answer is $900,000.. This is a common calculation on the North Carolina real estate exam.
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