FinancingGovernment_backed_loansEASY
A buyer purchases a home for $280,000 using an FHA loan with the minimum 3.5 percent down payment. What is the buyer's loan amount?
Correct Answer
D) $270,200
Down payment = $280,000 × 3.5% = $9,800. Loan amount = $280,000 - $9,800 = $270,200.
Answer Options
A
$266,000B
$252,000C
$280,000D
$270,200Why This Is the Correct Answer
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Related Topics & Key Terms
Key Terms:
FHA_loandown_paymentloan_amountcalculationfinancing
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