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.
Lani bought a house for $66,500. She made a down payment of 15%.
How big a mortgage did she have?
1 answer
1 answer