Question

You have decided to purchase a home that has an asking price of $159,900. You wish to put a down payment is the percent equivalent to the date you were born on (for example I was born on the 29th of the month so I would have a 29% down payment). Explain how you would determine the amount that you would be financed for your mortgage. (The amount financed is the is the amount of the asking price that would be left after the down payment is paid.) Your explanation should include the mathematical support.

Answer 1

You have decided to purchase a home at $159,900.

I was born on the 28th so I choose to put a 28% down payment.

The amount I would be financed for my mortgage would be 100 - 28 = 72% of $159,900.

This can be simplified as;

$\begin{gathered} =\frac{72}{100}\times159900 \\ =\text{ \ 115128} \end{gathered}$

Therefore, the amount that I would be financed for my mortgage is $115,128