Looking for reliable answers? Westonci.ca is the ultimate Q&A platform where experts share their knowledge on various topics. Join our Q&A platform to connect with experts dedicated to providing precise answers to your questions in different areas. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.
Sagot :
The term mortgage refers to a loan used to purchase or maintain a home, land, or other types of real estate.
A mortgage is a loan – provided by a mortgage lender or a bank – that enables an individual to purchase a home or property. While it’s possible to take out loans to cover the entire cost of a home, it’s more common to secure a loan for about 80% of the home’s value.
We are told that the cost of the home is $400,000
Since a down payment is 20%
Let the whole cost of the home be in terms of percentage, this will be = 100%
Then the Mortgage will be
[tex]100\text{ \%-downpayment}[/tex][tex]100\text{ \%-20\%=80\%}[/tex]Thus, the mortgage amount will be
[tex]\begin{gathered} 80\text{ \%}\times400,000 \\ =\frac{80}{100}\times400,000 \\ =\text{ \$320,000} \end{gathered}[/tex]
We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.
