Question

Jackie Kessel has found a home she would like to purchase.The seller accepts her offer of $210,900. Jackie will make a down payment of 15%. What is the amount of her mortgage loan?

Answer 1

$179,265

Explanation:

Subtract the 15% down payment from the purchase price ($210,900) to obtain the amount still due, for which Jackie will apply for a mortgage. Alternatively, multiply $210,900 by 0.85, obtaining $179,265. This would be the mortgage amount.