Real Estate Math
A Vermont property is purchased for $415,000 with a 5% down payment. What is the loan amount?
A$394,250✓ Correct
B$398,400
C$392,500
D$395,000
Explanation
Down payment = 5% x $415,000 = $20,750. Loan amount = $415,000 - $20,750 = $394,250. To solve this, multiply the relevant values: $415,000 at 5%.. The correct answer is $394,250.. This is a common calculation on the Vermont real estate exam.
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