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A purchaser desires to offer $174,900 for a home. The buyer will put a total of 15% down of which 1% will be put down as an earnest money deposit. How much will the new loan be for?

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sadddamkashmiri801

Answer:

$148,665

Explanation:

This could be calculated by finding the amount that the buyer will which includes 14% + 1% = 15%

So this means that the payment made is:

Payment made = $174,900 X 15% = $26,235

The remainder amount will be borrowed from the bank and is equal to the difference of 15% and the total amount.

Amount that would be borrowed = $174,900 - $26,235 = $148,665

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