Margy bought a house for $69,700. She made a down payment of 25%. How

big a mortgage did she have?

1 answer

To find out the amount of the mortgage, we first need to calculate the down payment Margy made.

Down payment = 25% of $69,700
Down payment = 0.25 x 69,700
Down payment = $17,425

Now we can calculate the mortgage amount:

Mortgage = Total cost of the house - Down payment
Mortgage = $69,700 - $17,425
Mortgage = $52,275

Therefore, Margy had a mortgage of $52,275.