Question

The cost of a new home is $90,000 and the bank requires a 8.8% down payment.

What is the amount that will need to be borrowed from the bank after the down payment is paid?

The mortgage amount will be____.

Answer 1

To find the amount of the down payment, we need to multiply the cost of the home by the down payment percentage: $90,000 * 8.8% = $7,920.

This means that the total amount that will need to be borrowed from the bank is $90,000 - $7,920 = $82,080.

The mortgage amount will be $82,080. This is the amount that will need to be borrowed from the bank after the down payment of $7,920 is paid. The down payment is calculated by multiplying the cost of the home by the required down payment percentage: $90,000 * 8.8% = $7,920. The mortgage amount is then calculated by subtracting the down payment from the cost of the home: $90,000 - $7,920 = $82,080.