Answer:
$60,000 as down payment and remaining difference for loan is 300,000 - 60,000 = $240,000.
The money you need to save before you will be approved for a loan is $60,000 and the remaining difference that you will need to borrow is $2,40,000
A percentage is a number or ratio that can be expressed as a fraction of 100.
A loan is money, property, or other material goods given to another party in exchange for future repayment of the loan value amount with interest.
Given value of the house is $300,000.
The bank recommends that you have a 20% down payment before it approves a loan i.e. is $300,000× 20% = $60,000
The remaining difference that you will need to borrow is $300,000 - $60,000= $2,40,000
Thus the money you need to save before you will be approved for a loan is $60,000 and the remaining difference that you will need to borrow is $2,40,000
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