Question

You want to buy a $ 360,000.00 home. You plan to pay 10 % as a down payment, and take out a 20 -year loan for the rest. A. How much is the loan amount going to be?

My loan amount will be

Answer 1

The loan amount will be $324,000.

Step-by-step explanation:

To calculate the loan amount, we can start by finding the down payment. If you are buying a $360,000 home and plan to pay 10% as a down payment, the down payment amount would be 10% of $360,000, which is $36,000.

To find the loan amount, we subtract the down payment from the total purchase price. So, the loan amount would be $360,000 minus $36,000, which equals $324,000.