The amount of your original loan is closest to:
A)$37,000
B)$32,000
C)$20,300
D)$31,250
E)$29,000

Name: The amount of your original loan is closest to: A)$37,000 B)$32,000 C)$20,300 D)$31,250 E)$29,000
Brand: Quizplus
Rating: 5.0 (33 reviews)

Question

Quizplus · Accepted Answer

Starting with 20% down payment, the loan amount would be 80% of the original price. Thus,
80/100 x Original price = $40,000
Original price = $50,000
Therefore, the amount of the original loan is 80% of $50,000 which is $40,000 x 80/100 = $32,000.

The Amount of Your Original Loan Is Closest To