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

Algebra ->  Average -> 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      Log On


   

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) About Me  (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%.