Hi all
I'm trying to work out how much x is x% of. The question relates to mortgages - if I have $40,000 and the deposit required is 35% how can I work out the full amount.
$40,000 is 35% of ?
Your question needs to be clearer. Is the $40,000 the deposit which in turn is 35% of the full amount?
If so the full amount is given by: $\displaystyle 0.35x = 4 \times 10^4$. This formula was used because 35% is the same as 0.35 and I've assumed the deposit is $40000
Solve for x
Yes - $40,000 is the deposit which is 35% of the full amount.
I think I've worked it out - I had a complete mental block, I don't use math in my job and if you don'y use it you lose it.
I have $40,000 and for the mortgage I need a 35% deposit. I was having a mental block on how much I could borrow.
(40,000/35)*100 = 114,285
I could borrow $114,285