To determine how much money will need to be loaned from the bank after making a 30% down payment on an [tex]$820,000 asset, let's break down the steps:
1. Calculate the Down Payment:
- The down payment is 30% of the total asset value.
- Given that the asset value is $[/tex]820,000 and the down payment percentage is 30%, we can find the down payment amount:
```
Down Payment = 30% of [tex]$820,000
Down Payment = 0.30 * $[/tex]820,000
Down Payment = [tex]$246,000
```
So, the down payment is $[/tex]246,000.
2. Find the Loan Amount:
- The amount that needs to be loaned is the remaining value of the asset after the down payment has been made.
- To find this, subtract the down payment from the total asset value:
```
Loan Value = Total Asset Value - Down Payment
Loan Value = [tex]$820,000 - $[/tex]246,000
Loan Value = [tex]$574,000
```
Hence, the amount needed to be loaned from the bank is $[/tex]574,000.
So, after making a 30% down payment of [tex]$246,000 on an $[/tex]820,000 asset, the loan value required from the bank will be $574,000.
