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25 November, 01:01

A lender agrees to loan you 80% of the first $ 60,000 and 70% of the remainder of the purchase price of a home. The contract price of the house you want is $ 80,000. How much down payment do you need?

a. 22000b. 18000c. 16000d. 14000

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  1. 25 November, 01:23
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    b. $18,000

    Explanation:

    For computing the down payments, first we have to determine the lending amount and remaining amount which are shown below:

    Lending amount = $60,000 * 80% = $48,000

    Remaining amount = ($80,000 - $60,000) * 70% = $14,000

    Total amount equals to

    = $48,000 + $14,000

    = $62,000

    Now the down payment would be

    = $80,000 - $62,000

    = $18,000
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