kathymcgee8930 kathymcgee8930
  • 21-12-2021
  • Business
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Jimmie is purchasing a home with a purchase price of $350,000. He has been approved for a loan with an 85% LTV. What is his down payment

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abiolataiwo2015
abiolataiwo2015 abiolataiwo2015
  • 29-12-2021

Based on the information given the down payment is $52,500.

Using this formula

Down payment=(100%-Approved loan percentage)×Purchase price

Where:

Approved loan percentage=85%

Purchase price=$350,000

Let plug in the formula

Down payment=(100%-85%)×$350,000

Down payment=15%×$350,000

Down payment=$52,500

Inconclusion the down payment is $52,500.

Learn more about down payment here:https://brainly.com/question/12233464

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