Lani bought a house for $66,500. She made a down payment of 15%.

How big a mortgage did she have?

1 answer

To calculate the amount of the mortgage Lani had, we first need to find out how much she paid as a down payment.

Down payment = 15% of $66,500
Down payment = 0.15 * $66,500
Down payment = $9,975

To calculate the mortgage amount, we subtract the down payment from the total cost of the house:

Mortgage = Total cost of the house - Down payment
Mortgage = $66,500 - $9,975
Mortgage = $56,525

Therefore, Lani had a mortgage of $56,525.