Question

A house is purchased at a selling price of $285,000. The bank requires a 15% down payment. The current mortgage rate is 3.5%. Determine the amount to be financed.

Answer 1

`\large \boxed{\$242250}}`

Explanation:

`\begin{array}{rcr}\text{Selling price} & = & \$285000 \\-\text{Down payment} & = &-0.15 * \$285000 =\qquad -42750\\\text{To be financed}& = & \mathbf{\$242250}\\\end{array}\\\text{The amount to be financed is $\large \boxed{\mathbf{\$242250}}$}`