Question

Solve. Write the fraction in simplest form.

8
Mr. and Mrs. Smith have a home equity loan of $24,000. They have paid off of the
20
loan. How much of the loan have they paid off?

Answer 1

Explanation:

Equity loan amount = $24,000.

percentage paid off = 20%

Required

The amount paid off

The amount paid off = 20% of the loan amount

Amount paid off = 20/100 * 24000

Amount paid off = 0.2 * 24000

Amount paid off = 4800

Hence the amount of the loan paid off is $4,800