Real Estate Math
A Wisconsin property sold for $185,000. The buyer paid $5,000 in earnest money and obtained an 80% LTV mortgage. How much cash does the buyer need at closing (excluding closing costs)?
A$32,000✓ Correct
B$37,000
C$42,000
D$148,000
Explanation
Loan = $185,000 × 80% = $148,000. Down payment = $185,000 − $148,000 = $37,000.
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