Question

Consumer math. i need help asap

alvira and barry gomez purchased a home priced at $280,000. they put down 40%.

what is the

a. down payment

b. mortgage loan

Answer 1

well, they put a downpayment of 40%, that's not subject for a loan, since they put that out of their pocket, the loan will be the 60% leftover.

`\begin{array} \cline{1-1} \textit{a\% of b}\\ \cline{1-1} \\ \left( \cfrac{a}{100} \right)\cdot b \\\\ \cline{1-1} \end{array}~\hspace{5em}\stackrel{\textit{40\% of 280000}}{\left( \cfrac{40}{100} \right)280000}\implies 112000\leftarrow downpayment \\\\\\ 280000~~ - ~~112000\implies 168000\leftarrow \textit{mortgage loan}`