Thread: Mortgages Deposit

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: . 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

Originally Posted by zzp

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

And 71 cents

You can always "experiment" with something simpler;
like, you know 2 is 1/4 or 25% of 8, right?
.25x = 2
x = 2/.25 = 8
Same "simplicity" applies to any large weird amounts!