The biggest single purchase that most people make in their lives is the purchase of a home. most home owners have to finance the purchase with an installment loan. assume you have found your new home and it costs  $245,000. you need to have a  20% down payment.

determine the  20% down payment and the amount of the mortgage loan. assume any other costs will be taken care of at settlement and not incorporated into the loan.

the down payment is

$

 

nothing

and the mortgage loan amount is

$

 

nothing.