the amount of a housing loan, together with borrowings to cover bank fees of $600 and stamp duty of 2% of the loan, must not exceed $120000. What is the minimum amount of the housing loan?
+23246 The minimum amount of the loan could be $0.00; so, let's find the maximum amount of the loan.
Let L be the amount of the loan. We need to borrow L and 2% of L and $600.00; so, we need a total of L + 0.02L + 600, or 1.02L + 600.
1.02L + 600 ≤ 120 000
1.02L ≤ 119 400
L ≤ 119 400 / 1.02
L ≤ 117 058.82
+23246 The minimum amount of the loan could be $0.00; so, let's find the maximum amount of the loan.
Let L be the amount of the loan. We need to borrow L and 2% of L and $600.00; so, we need a total of L + 0.02L + 600, or 1.02L + 600.
1.02L + 600 ≤ 120 000
1.02L ≤ 119 400
L ≤ 119 400 / 1.02
L ≤ 117 058.82
