how much money will need to be loaned from the bank after the 20% down payment on a $120,000 asset? down…
how much money will need to be loaned from the bank after the 20% down payment on a $120,000 asset? down payment = $24,000 loan value = $?
Answer
Explanation:
Step1: Find the remaining percentage
The down - payment is 20%, so the remaining percentage to be loaned is $100% - 20%=80%$.
Step2: Calculate the loan value
The value of the asset is $120000$. The loan value is $80%$ of $120000$, which is $0.8\times120000 = 96000$.
Answer:
$96000$