Theodore took out an 80/20 mortgage on a $191,000 home. What is the
2 answers:
Answer:
The amount financed under the first mortgage is $152800
Step-by-step explanation:
Given:
Theodore took out an 80/20 mortgage on a $191,000 home.
To Find:
The amount financed under the first mortgage = ?
Solution:
Here
80/20 mortgage means pay 20% of the amount is made as down payment and 80% is borrowed as finance amount of home value.
Home value = $191,000
Here, we need to find finance amount from $191,000
We will calculate the 80% of $191,000
Finance amount
= 80% of 191,000
=
= 0.80 x 191000
= 152800
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