Finance
A West Virginia buyer is purchasing a $200,000 home with a conventional loan requiring 20% down. The mortgage amount will be:
A$160,000✓ Correct
B$180,000
C$200,000
D$40,000
Explanation
Down payment = $200,000 × 20% = $40,000. Mortgage amount = $200,000 - $40,000 = $160,000. To solve this, multiply the relevant values: $200,000 at 20%.. The correct answer is $160,000.. This is a common calculation on the West Virginia real estate exam.
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