Question

For the purchase of a farm worth Php 2,800,000.00, the bank requires 30% down payment, find the mortgaged amount. Answer:

Answer 1

Answer:

Mortgaged amount would be 1,960,000

Step-by-step explanation:

Given,

The original price = 2,800,000,

Down payment percentage = 30%,

So, the amount of down payment = 30% of 2,800,000

$=\frac{30\times 2800000}{100}$

= 840,000

Thus, the mortgage amount = original amount - down payment

= 2,800,000 - 840,000

= 1,960,000

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