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Answered

Martha is buying a house for $107,820. She is making 15 percent down payment and financing the remainder at 6.5 percent for 25 years. How much is she financing?

$96,138

$625.95

$91,647

$583.45

Verified Answer :

meerkat18

Given:
Total price : 107,820 
down payment 15% of the total price.
financing the remainder at 6.5% for 25 years.

How much is she financing? She will finance 85% of the total price.

107,820 15% = 16,173
107,820 - 16,173 = 91,647

or 
107,820 (100-15)% = 107,820 * 85% = 91,647

Answer:

$91,647

Step-by-step explanation:

To determine the amount that Martha is financing, you have to calculate the amount of the down payment that is a sum that she will give upfront:

$107,820 → 100%

      x        ←   15%

x=($107,820*15%)/100%= $16,173

Then, yoou have to subtract this amount from the price of the house:

$107,820-$16,173= $91,647

According to this, the answer is that she is financing $91,647.

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