Question

If a condominium is purchased for Php 5,700,000.00 and the bank requires 30% down payment, how much is the mortgaged amount?

Answer 1

We are given that the condominium cost Php 5,700,000.00 and a down payment was made. Since the down payment was 30% of the total cost, therefore we can conclude that the mortgage amount is 70% of the total cost. Hence:

70% = 0.70

mortgage amount = 5,700,000.00 * 0.70

mortgage amount = 3,990,000.00

Answer:

Php 3,990,000.00