Question

Drew is buying a $325,000 house. He will put a 4.5% down payment and finance the

rest of the price with a mortgage loan. What is the mortgage loan amount? Round your
answer to the nearest thousand
$310,000
$300.000
0 $311.000
$275,000

Answer 1

$311,000

Explanation:

Original cost of house = $325,000

Mark down percent = 4.5%

Markdown price = 4.5% * 325000

Markdown price = 0.045*325000

Markdown price = $14,625

Mortgage loan amount now = $325,000 - $14,625

Mortgage loan amount now = $310,375

Mortgage loan amount now tom the nearest thousand is $311,000