Question

Suppose that you want to begin saving money to buy a house valued at $300,000. The bank recommends that you have a 20% down payment before it approves a loan for the remaining difference. How much money do you need to save before you will be approved for a loan? What is the remaining difference that you will need to borrow?

Answer 1

Answer:

$60,000 as down payment and remaining difference for loan is 300,000 - 60,000 = $240,000.