Question

Elaine and Ronald Sumter consider purchasing a new home for $179,000. A 15 percent down payment is required. What is the

amount of the mortgage loan needed to finance the purchase?
A)
$11.933.33
B)
$26,850.00
$152,150.00
C)
D)
$205,850.00

Answer 1

$152,150.00

Step-by-step explanation:

The deposit required is 15%.

The mortgage will be 85% of $179,000( 100% - 15% deposit).

The actual mortgage will be

= 85% of $179,000

=85/100 x $179,000

=0.85 x $179,000

=$152,150