Question

Carissa and Harrison Belgrove just bought a new home for 250,000. They made a cash down payment of50,000 and financed the balance with a 30-year home mortgage with an APR of 5.15

1) $200,000
2) $150,000
3) $100,000
4) $75,000

Answer 1

The balance financed with the mortgage is $200,000.

Step-by-step explanation:

To find the balance financed with a mortgage, subtract the cash down payment from the total cost of the home:

Total cost of the home - Cash down payment = Balance financed with mortgage

250,000 - 50,000 = 200,000

So, the balance financed with the mortgage is $200,000.