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2 years ago

alice took out 80/20 mortgage on a $232,000 home. what is the amount financed under the first mortgage?

Mathematics

1 answer:

vitfil [10]2 years ago

6 0

Answer:

The amount financed under this mortgage is $185,600

Step-by-step explanation:

Alice took out an 80/20 mortgage on a $232,000 home.

80/20 mortgage means pay 20% down payment and 80% finance amount of home value.

Home value = $232,000

Now, we need to find finance amount from this hone value of $232,000

Let's calculate the 80% of $232,000 as finance amount;

Finance amount = 80% of 232000

Finance amount = 0.80 x 232000

Finance amount = 185,600

Hence, The amount financed under this mortgage is $185,600

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Step-by-step explanation:

Given: P = $3000, r = 0.085

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A = 3 × $3000

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$3 = e^{0.085t}$

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$log_{e}3 = log_{e}e^{0.085t}$

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$t = \frac{ln3}{0.085}$

$t = \frac{1.0986}{0.085}$

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