Question

You want to buy a $232,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan for the rest.a) How much is the loan amount going to be?

Answer 1

The amount of the loan is equal to the total cost of the house minus the 15% you will pay in the beginning.

Now, to compute the x% of y, we use the following expression:

`(x*y)/(100).`

Therefore, 15% of 232,000 is:

`(15*232,000)/(100)=34800.`

Finally, the amount of the loan will be:

`232,000-34,800=197,200.`

Answer:

`197,200`

dollars.