Question

The bank has accepted Mrs. Hudson's application for a mortgage to buy property worth $375,575. She has to pay 19 percent of the purchase price in cash before closing the deal. Calculate the loan amount the bank will give her.

Answer 1

the loan amount will equal to 304,215.75

Answer 2

Answer: Total loan amount the bank will give her is $304215.75.

Explanation:

Since we have given that

Original price of property = $375,575

According to question, she has to pay 19% of the purchase price in case before closing the deal.

So, 19% of the purchase price of property is given by

`(19)/(100)* 375575\\\\=\$71359.25`

So, The loan amount the bank will give her is given by

`375,575-71359.25\\\\=\$304215.75`

Hence, total loan amount the bank will give her is $304215.75.