Real Estate Math
A buyer in Virginia obtains an FHA loan with a 3.5% down payment on a $290,000 purchase price. What is the down payment?
A$7,250
B$10,150✓ Correct
C$14,500
D$29,000
Explanation
Down payment = $290,000 × 3.5% = $10,150. To solve this, multiply the relevant values: $290,000 at 3.5%.. The correct answer is $10,150.. This is a common calculation on the Virginia real estate exam.
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