Question

Dan and Dawn purchased a house for $69,500. They had to make a down
payment of 20%. How much was the amount of the mortgage they
obtained?

Answer 1

First, we need to calculate 20% of the total cost of the house:

20% of $69,500 = 0.20 * $69,500 = $13,900

Therefore, Dan and Dawn made a down payment of $13,900. To find out the amount of the mortgage they obtained, we subtract the down payment from the total cost of the house:

$69,500 - $13,900 = $55,600

So, the amount of the mortgage they obtained was $55,600.