Finance
A Texas borrower obtains an FHA loan with a 3.5% down payment. The purchase price is $280,000. What is the loan amount?
A$270,200✓ Correct
B$272,200
C$274,000
D$276,500
Explanation
Down payment = $280,000 × 0.035 = $9,800. Loan amount = $280,000 − $9,800 = $270,200.
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