Question

Theodore took out an 80/20 mortgage on a $191,000 home. What is the

amount financed under the first mortgage?

Answer 1

152,800

Explanation:

Answer 2

The amount financed under the first mortgage is $152800

Explanation:

Given:

Theodore took out an 80/20 mortgage on a $191,000 home.

To Find:

The amount financed under the first mortgage = ?

Solution:

Here

80/20 mortgage means pay 20% of the amount is made as down payment and 80% is borrowed as finance amount of home value.

Home value = $191,000

Here, we need to find finance amount from $191,000

We will calculate the 80% of $191,000

Finance amount

= 80% of 191,000

=
`(80)/(100) * 191000`

= 0.80 x 191000

= 152800