Real Estate Math
A South Carolina buyer puts 3.5% down on a $220,000 FHA purchase. What is the down payment?
A$6,600
B$7,700✓ Correct
C$8,250
D$9,000
Explanation
Down payment = $220,000 × 3.5% = $220,000 × 0.035 = $7,700. To solve this, multiply the relevant values: $220,000 at 3.5%.. The correct answer is $7,700.. This is a common calculation on the South Carolina real estate exam.
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