Real Estate Math
A Rhode Island property sells for $395,000. The buyer makes a 15% down payment. What is the mortgage amount?
A$320,000
B$330,000
C$335,750✓ Correct
D$340,000
Explanation
Down payment: $395,000 x 0.15 = $59,250. Mortgage: $395,000 - $59,250 = $335,750. To solve this, multiply the relevant values: $395,000 at 15%.. The correct answer is $335,750.. This is a common calculation on the Rhode Island real estate exam.
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