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Kung and So Lee offered $87,000
on a home that had been priced
at $96,500. The seller agreed to the
offer. A 20 percent down payment
is required. What is the amount of
the down payment? What is the
amount of the mortgage loan
needed to financethe purchase the purchase

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Answer:

Down payment = $17,400

Amount of mortgage loan = $69,600

Step-by-step explanation:

Given that :

Cost of home = $87,000

Down payment = 20%

Amount of down payment :

20% of the cost of home

(20/ 100) * $87,000

0.2 * 87000 = $17,400

The cost of mortgage loan required to finance the purchase :

Cost of home - downpayment

$87,000 - $17,400

= $69,600

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