Real Estate Math
A West Virginia buyer makes a $5,000 earnest money deposit on a $185,000 home. The buyer obtains an 80% conventional loan. How much additional cash must the buyer bring to closing (excluding closing costs)?
A$32,000✓ Correct
B$37,000
C$42,000
D$27,000
Explanation
Down payment = $185,000 x 0.20 = $37,000.
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