Down Payments and Mortgages
by Kelci Roussel
| 3 Questions
You are purchasing a home with a selling price of $185,000. You agree on a down payment of 20% and to finance the remaining amount in the form of a mortgage. How much is your down payment?
Stacy is purchasing a house that has a selling price of $149,000. She agrees to put down 12% and finance the rest through a morgage. What is the amount of the mortgage?
The Smiths make a .$132,000 offer on a home listed for $140,000. The seller agreed to a final price of $136,000. What is the amount of the mortgage loan if the Smiths agree to make a 18% down payment?
A. $24,480
B. $23,760
C. $108,240
D. $111,520
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