Question

mortgage loan at an annual interest rate of 6.5% selling price of 225,000 they need a down payment of 15%,what is the amount financed with mortgage​

Answer 1

Answer: The amount of the mortgage is $191,250.

Explanation: The person is purchasing a house for an agreed upon amount of $225,000. The bank is requiring that they have a 15% down payment, which means that their mortgage will be for the remaining amount, which is 85% of the purchase price. $225,000 x .85 = $191,250.