The bank has accepted Harriet's application for a mortgage to buy a property worth $325,500. She has to make a down payment of 20 percent of the purchase price. What is the loan amount? A. $256,000 B. $258,000 C. $260,400

Question

Mathematics

Lawrence Martinez

18 October, 23:21

The bank has accepted Harriet's application for a mortgage to buy a property worth $325,500. She has to make a down payment of 20 percent of the purchase price. What is the loan amount? A. $256,000 B. $258,000 C. $260,400

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Answers (2)

Know the Answer?

Jaidyn Dunlap · Answer 1

The answer is C because the difference of 325,500 times 20 Percent and 325500 is the loan amount

Evangeline Silva · Answer 2

C. $260,400

Step-by-step explanation:

Since Harriet has to pay 20% down, this means she is borrowing 100-20 = 80% of the value.

80% = 80/100 = 0.8; this makes the amount borrowed

0.8 (325500) = 260,400