Question

A house is purchased at a selling price of $285,000. The bank requires a 15% down payment. The current mortgage rate is 3.5%. Determine the amount to be financed.

Answer 1

Answer:

$\large \boxed{\ 242250}}$

Step-by-step explanation:

$\begin{array}{rcr}\text{Selling price} & = & \ 285000 \\-\text{Down payment} & = &-0.15 \times \ 285000 =\qquad -42750\\\text{To be financed}& = & \mathbf{\ 242250}\\\end{array}\\\text{The amount to be financed is \large \boxed{\mathbf{\ 242250}} }$