Real Estate Math
A Wisconsin mortgage has a balance of $225,000. A buyer assumes it. The purchase price is $290,000. How much cash does the buyer need at closing (excluding closing costs)?
A$55,000
B$60,000
C$65,000✓ Correct
D$70,000
Explanation
Cash needed = Purchase price - Assumed mortgage = $290,000 - $225,000 = $65,000. Using the values given ($225,000, $290,000), apply the appropriate formula.. The correct answer is $65,000.. This is a common calculation on the Wisconsin real estate exam.
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