Real Estate Math
A home in Provo sells for $420,000. The buyer pays 10% down and finances the rest. What is the loan amount?
A$42,000
B$378,000✓ Correct
C$380,000
D$400,000
Explanation
Down payment = 10% × $420,000 = $42,000. Loan amount = $420,000 − $42,000 = $378,000. To solve this, multiply the relevant values: $420,000 at 10%.. The correct answer is $378,000.. This is a common calculation on the Utah real estate exam.
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