Answer:
<u>Terrance will need a mortgage loan of US$ 174,250</u>
Step-by-step explanation:
1. Let's review the information given to solve the question.
Value of the house Terrance Jacobs is going to buy = US$ 205,000
Down payment Terrance can afford = 15% of the value of the house
Down payment Terrance can afford = 15% of US$ 205,000
Down payment Terrance can afford = 15% * 205,000
<u>Down payment Terrance can afford = US$ 30,750</u>
2. For finding the amount of the mortgage loan Terrance need for buying the house, we should do this:
Amount of mortgage loan = Value of the house - Down payment
Amount of mortgage loan = 205,000 - 30,750
<u>Amount of mortgage loan = US$ 174,250</u>
<u>Terrance will need a mortgage loan of US$ 174,250</u>
