QuestionAugust 5, 2025

You want to buy a 255,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan for the rest. a) How much. is the loan amount going to be? square 404,000 304,000 504,000 204,000

You want to buy a 255,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan for the rest. a) How much. is the loan amount going to be? square 404,000 304,000 504,000 204,000
You want to buy a 255,000 home. You plan to pay 20%  as a down payment,
and take out a 30 year loan for the rest.
a) How much. is the loan amount going to be?
 square 
 404,000
 304,000
 504,000
 204,000

Solution
4.7(291 votes)

Answer

\204,000 Explanation 1. Calculate the down payment The down payment is 20\% of \255,000. Calculate it as 0.20 \times 255,000 = \51,000. 2. Calculate the loan amount Subtract the down payment from the total home price: 255,000 - 51,000 = \204,000.

Explanation

1. Calculate the down payment<br /> The down payment is $20\%$ of $\$255,000$. Calculate it as $0.20 \times 255,000 = \$51,000$.<br />2. Calculate the loan amount<br /> Subtract the down payment from the total home price: $255,000 - 51,000 = \$204,000$.
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