Question #196996
Rony will inherit $ 250000 his grandmother in 5 year hence he decided to take a loan now for buy a house for his daughter that will cost 500000 dollars now what amount should he borrow and what will the percentage of down payment pay for the mortgage of house
Expert's answer
A=500000
P= 25000
T = 5 years
A= p+(PRT/100)
A-P = PRT/100
Therefore,
(500000-250000) = (250000*R * 5) /100
(250000*100) = 1250000R
Hence; R= 25000000/1250000
R= 20%
