Real Estate Math
A South Dakota buyer's offer is $345,000 for a property appraised at $330,000. The lender will loan 80% of the appraised value. How much will the buyer need in cash at closing (down payment + gap)?
A$69,000
B$81,000✓ Correct
C$15,000
D$79,000
Explanation
Loan = $330,000 × 80% = $264,000. Total cash needed = $345,000 − $264,000 = $81,000.
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