Jen purchased a condo for $699,000. She puts 20% down and finances the rest at 5% for 35 years. What amount did Jen finance?

To determine the amount Jen financed, we need to calculate 20% of the condo's purchase price and subtract it from the total amount.

1. **Calculate 20% of $699,000:**

   \[
   0.20 \times 699,000 = 139,800
   \]

2. **Subtract the down payment from the purchase price:**

   \[
   699,000 - 139,800 = 559,200
   \]

Jen financed **$559,200**.

Would you like details on further calculations, such as monthly payments?

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**Related Questions:**
1. What would be Jen’s monthly payment if we included loan interest?
2. How much total interest will Jen pay over the 35-year period?
3. What is the total cost of the condo after paying off the loan, including interest?
4. How would a change in interest rate affect Jen’s monthly payments?
5. What if Jen financed only 15 years instead of 35 years?

**Tip:** When calculating down payments, multiply the property price by the percentage for a quick answer.

Discover how to calculate the amount financed for a condo priced at $699,000 with a 20% down payment. This example includes essential finance calculations for percentage and loan payment, suitable for high school students and anyone interested in real estate financing.

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