Question

The bank has accepted Mrs. Hudson's application for a mortgage to buy property worth $375,575. She has to pay 19 percent of the purchase price in cash before closing the deal.

Calculate the loan amount the bank will give her.

Answer 1

$304,215.75

Step-by-step explanation

100% ⇒ $375,575

What is the 19% of $375,575

19/100 × $375,575 = $71,359.25

$71,359.25 is the money she has to pay in cash.

So the loan she will get from the bank = $375,575 - $71,359.25

= $304,215.75