Fractions and Decimals

Discrete Mathematics

Differential Equations

Solved on Jan 21, 2024

Find the mortgage amount given a $22,750 down payment on a$ 325,000 property.

STEP 1

Assumptions
1. The down payment is $22,750.<br />2. The total purchase price of the property is$ 325,000.
3. The mortgage amount is calculated as the total purchase price minus the down payment.

STEP 2

To find the mortgage amount, we need to subtract the down payment from the total purchase price.
$Mortgage\, amount = Total\, purchase\, price - Down\, payment$

STEP 3

Now, plug in the given values for the total purchase price and the down payment to calculate the mortgage amount.
$Mortgage\, amount = \$325,000 - \$22,750$

STEP 4

Calculate the mortgage amount.
$Mortgage\, amount = \$325,000 - \$22,750 = \$302,250$
The amount of the mortgage is $302,250.

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