Question

Patti green and her husband are purchasing a condominium for $123,000. They have $15,000 for a down payment. What is the amount of their mortgage loan?

Answer 1

The amount of their mortgage loan is $108000

Explanation:

we are given

total purchasing amount =$123000

down payment amount = $15000

we know that

Mortgage loan amount = (total purchasing amount)-(down payment amount)

now, we can plug value

Mortgage loan amount = $123000-$15000

Mortgage loan amount =$108000