Question

alice took out 80/20 mortgage on a $232,000 home. what is the amount financed under the first mortgage?

Answer 1

Answer:

The amount financed under this mortgage is $185,600

Step-by-step explanation:

Alice took out an 80/20 mortgage on a $232,000 home.

80/20 mortgage means pay 20% down payment and 80% finance amount of home value.

Home value = $232,000

Now, we need to find finance amount from this hone value of $232,000

Let's calculate the 80% of $232,000 as finance amount;

Finance amount = 80% of 232000

 Finance amount  = 0.80 x 232000

Finance amount = 185,600

Hence, The amount financed under this mortgage is $185,600