SOLUTION: You held a fund-raiser and acquired $2,500 for a down-payment on a house that costs $134,500. Now you need to secure a mortgage for the balance due. How would you determine the amo

Question 889693: You held a fund-raiser and acquired $2,500 for a down-payment on a house that costs $134,500. Now you need to secure a mortgage for the balance due. How would you determine the amount of the balance due?
Answer by JulietG(1812) (Show Source): You can put this solution on YOUR website!
The cost of the house is $134,500. If you put a down-payment of $2,500 on it, you would owe $134,500 - $2,500, or $132,000.
That's pretty unrealistic. A HomePath mortgage (government-sponsored) requires 5% down, and most places you'll need at LEAST 10%.
RELATED QUESTIONS
You held a fund-raiser and acquired the money for a down-payment. Now you need to secure... (answered by solver91311)

john has 4800 saved. He plans to save 500 every month so that he can have enough money... (answered by Deina)

Sales of frozen pizza for a club fund-raiser increased from 500 to 705 what is the... (answered by rfer)

Suppose you start saving today for a down payment that you plan to make on a house in 5... (answered by stanbon)

You purchased a refrigerator at Sears for $2,500 (no sales tax added), and you decide to... (answered by ikleyn)

You spent $1,400 on new furniture the local Furniture Store allows you to make a down... (answered by richwmiller)

Aya and Sakura would like to buy a house and their dream home costs $500,000. Their goal (answered by Theo,MathTherapy)

You have decided that you want to buy a home in 6 years. You believe you can afford a... (answered by jorel555)

You know that you will need $30,000 for a down payment on a house in 10 years. If your... (answered by stanbon)