Dan and Dawn purchased a house for $69,500. They had to make a down

Question

payment of 20%. How much was the amount of the mortgage they
obtained?
a. $13,900
b. $69,500
c. $55,600
d. $76,450

Answer 1

The down payment is 20% of $69,500 which is 0.20 x $69,500 = $13,900. This means that the amount of the mortgage they obtained is the remaining 80% of $69,500 which is 0.80 x $69,500 = $55,600. Therefore, the answer is c. $55,600.