Question

NEED HELP ASAP!

Kurume Abdulla is purchasing a country estate with a selling
price of $1,246,500. His offer of 95% of the asking price is
accepted by the seller. His lender requires a 30% down payment
for estates.
a. What is the purchase price of the estate?
b. What is the amount of the down payment?
c. What is the amount of the mortgage loan?

Answer 1

a. The purchase price of the estate is $1,246,500 x 95% = $<<124650095.01=1182975>>1,182,975.

b. The amount of the down payment is $1,182,975 x 30% = $<<118297530.01=354452.5>>354,452.5.

c. The amount of the mortgage loan is $1,182,975 - $354,452.5 = $<<1182975-354452.5=828492.5>>828,492.5.

Explanation: