Question

your client saved 1860 for a down payment on a house A government loan program requires a down payment equal to 3% of the loan amount what is the largest loan amount your client can resieves

Answer 1

Let A be the loan amount. Determine that amount when the interest rate is 3% and the available cash comes to $1860.

0.03A = $1860. Dividing both sides of this equation by 0.03, we get

A = $62,000.

The largest loan amount your client can receive is $62,000.

Answer 2

Answer: The largest loan amount a client can reserves is $62000.

Explanation:

Since we have given that

Amount he saved for a down payment on a house = $1860

According to question, the loan which requires a down payment equals to 3% of the loan amount.

Let the amount of loan amount be 'x'.

So, our equation becomes,

`(3)/(100)* x=\$1860\\\\0.03* x=\$1860\\\\x=(1860)/(0.03)\\\\x=\$62000`

Hence, the largest loan amount a client can reserves is $62000.