Real Estate Math
A Wyoming home sells for $320,000. The buyer pays 5% down and obtains a loan for the remainder. What is the loan amount?
A$16,000
B$288,000
C$300,000
D$304,000✓ Correct
Explanation
Down payment = $320,000 x 5% = $16,000. Loan amount = $320,000 - $16,000 = $304,000.
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