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Anit [1.1K]
3 years ago
10

Sam took out an 80/20 mortgage on a $205,000 home. What is the amount financed under the first mortgage

Mathematics
1 answer:
Usimov [2.4K]3 years ago
6 0

Given condition is: Sam took out an 80/20 mortgage on a $205,000 home.

Here, 80/20 refers to 80% mortgage amount means it will be paid as mortgage and 20% loan amount.

So, to find the amount financed under the first mortgage, we will find 80% of 205000.

\frac{80}{100}\times205000

= $164000

Hence, option A is the correct answer.

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