The bank has accepted Mrs. Hudson's application for a mortgage to buy property worth $375,575. She has to pay 19 percent of the purchase price in cash before closing the deal. Calculate the loan amount the bank will give her.
Answer: Total loan amount the bank will give her is $304215.75.
Step-by-step explanation:
Since we have given that
Original price of property = $375,575
According to question, she has to pay 19% of the purchase price in case before closing the deal.
So, 19% of the purchase price of property is given by
\(\frac{19}{100}\times 375575\\\\=\$71359.25\)
So, The loan amount the bank will give her is given by
\(375,575-71359.25\\\\=\$304215.75\)
Hence, total loan amount the bank will give her is $304215.75.