Question

The bank has accepted Mrs. Hudson's application for a mortgage to buy property worth $375,575. She has to pay 19 percent of the purchase price in cash before closing the deal. Calculate the loan amount the bank will give her.

Answer 1

Answer: Total loan amount the bank will give her is $304215.75.

Step-by-step explanation:

Since we have given that

Original price of property = $375,575

According to question, she has to pay 19% of the purchase price in case before closing the deal.

So, 19% of the purchase price of property is given by

$\frac{19}{100}\times 375575\\\\=\ 71359.25$

So, The loan amount the bank will give her is given by

$375,575-71359.25\\\\=\ 304215.75$

Hence, total loan amount the bank will give her is $304215.75.

Answer 2

The loan amount will equal to 304,215.75