Real Estate Math
A South Dakota property sold for $425,000. The buyer made a 15% down payment. What was the loan amount?
A$63,750
B$361,250✓ Correct
C$372,500
D$400,000
Explanation
Down payment = $425,000 × 15% = $63,750. Loan amount = $425,000 − $63,750 = $361,250. To solve this, multiply the relevant values: $425,000 at 15%.. The correct answer is $361,250.. This is a common calculation on the South Dakota real estate exam.
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