Question

mike offered $179,900.00 for a home that had been priced at $210,500.00. The seller agreed to the offer. If he made a $36,000.00 down payment what is the mortgage amount?

Answer 1

Mike needs a mortgage amount of $143,900.00 after making a $36,000.00 down payment on the home he offered to buy for $179,900.00.

Step-by-step explanation:

The question asks us to calculate the mortgage amount that Mike would need to borrow from the bank after making an offer on a house and paying a down payment. The house was initially priced at $210,500.00, Mike offered $179,900.00, and the seller agreed. Mike then made a $36,000.00 down payment.

To find the mortgage amount, we subtract the down payment from the offer price:
$179,900.00 - $36,000.00 = $143,900.00

Therefore, the amount Mike needs to mortgage is $143,900.00.