Real Estate Math
A South Carolina buyer puts 5% down on a $280,000 home. What is the loan amount?
A$14,000
B$252,000
C$266,000✓ Correct
D$280,000
Explanation
Down payment = $280,000 × 5% = $14,000. Loan amount = $280,000 − $14,000 = $266,000. To solve this, multiply the relevant values: $280,000 at 5%.. The correct answer is $266,000.. This is a common calculation on the South Carolina real estate exam.
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