Question

Mr. cortez had to pay 20% for a down payment on a home selling for $296,500. How much will the bank have to finance as a mortgage loan?

237,200
237,700
240,000
276,500
none of these choices are correct

Answer 1

Selling price of the home = $296,500

down Payment is;

$\frac{20}{100}\times296500=59,300$

Mr. Cortez has paid $59,300 out of $296,500.

Thus the amount left for the bank to finance as a mortgage loan is;

$296500-59300=237200$

Option A : $237,200 is correct