Question

2) Hazel McCurry offered $419,400 for a home that had been priced at $439,500. The seller agreed to the offer. If she made a $44,000 down payment, what is the mortgage loan amount?

Answer 1

$375,400

Step-by-step explanation

The price of the home was $439,500, but Hazel offered $419,400 so that was the selling price. The down payment was $44,000. Hence, the mortgage loan amount is,

`\text{Mortgage Loan Amount}=419,400-44,000=375,400`