SOLUTION: A man bought a house at $350,000. He paid 20% of the cost from his own resources and the rest with a loan he took from the bank at 7% simple interest per annum for 8 years. Calcula
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Question 1144762: A man bought a house at $350,000. He paid 20% of the cost from his own resources and the rest with a loan he took from the bank at 7% simple interest per annum for 8 years. Calculate the;
(a) total cost of the house to the man.
(b) percentage increase in the cost of the house as a result of the loan.
(c) percentage loss, correct to the two decimal places, if after paying the loan, he renovates the house at a cost of $10,000 and then sells it for $460,000.
You can put this solution on YOUR website! He paid:
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(a)
$576,800
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(b)
44.8% increase
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(c)
22% loss
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Definitely get a 2nd opinion if needed
