Answered

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.

a $302,415.75

b $304,215.75

c $340,215.75

Verified Answer :

Answer: Option 'b' is correct.

Step-by-step explanation:

Since we have given that

Value of property = $375,575

Percentage of the purchase price she need to pay = 19%

Amount that she need to pay is given by

\(\frac{19}{100}\times 375,575\\\\=\$71359.25\)

Amount of loan the bank will give her is given by

\(375,575-71359.25\\\\=\$304215.75\)

Hence, Option 'b' is correct.

winter0311

Answer:

b

Step-by-step explanation:

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