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If a home buyer puts 20% down on a $200,000 house and uses a mortgage to borrow the rest, how much will the mortgage be (excluding any closing costs)? a. $240,000 b. $160,000 c.…

If a home buyer puts 20% down on a $200,000 house and uses a mortgage to borrow the rest, how much will the mortgage be (excluding any closing costs)? a. $240,000 b. $160,000 c.…
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If a home buyer puts 20% down on a $200,000 house and uses a mortgage to borrow the rest, how much will the mortgage be (excluding any closing costs)?

a. $240,000
b. $160,000
c. $180,000
d. $200,000

User Mahmoud Niypoo
by
8.5k points

1 Answer

5 votes
B. 160,00

200,000\100 x 20 = 40,000

200000-40,000=160000
User Michael Schaefers
by
8.4k points
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