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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]
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