Real Estate Math
A Wisconsin property is listed at $449,000 and appraised at $445,000. A lender will loan 80% of the appraised value. What is the minimum down payment if the buyer pays the listing price?
A$80,000
B$89,800
C$93,000✓ Correct
D$93,400
Explanation
Loan = $445,000 × 80% = $356,000. Down payment = $449,000 - $356,000 = $93,000. Closest: $93,000. To solve this, multiply the relevant values: $449,000 and $445,000 at 80%.. The correct answer is $93,000.. This is a common calculation on the Wisconsin real estate exam.
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