You want to get a home loan that nets you $180,000 after paying a fee to your lender of .0225 of the loan amount and additional fees of $3200 (for an appraisal , title fees, etc). What does the loan amount have to be so your net proceeds will be $180,000?

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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You want to get a home loan that nets you $180,000 after paying a fee to your lender of .0225 of the loan amount and additional fees of $3200 (for an appraisal , title fees, etc). What does the loan amount have to be so your net proceeds will be $180,000?

Answer in the back of the book: $187,416.88

please help me set up the equation needed to solve and get the correct answer.

Expert Solution
Step 1

Given,

Net amount of home loan needed = $ 180000  

Loan fee = 0.0225 of the loan amount 

Additional fees = $ 3200  

We have to find the loan amount, so that net proceeds will be = $ 180000  . 

 

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