First, we need to figure out how much you want to borrow. You said you wanted to spend $5,000, and you will put $500 down. Based on that, we can estimate your taxes to be $340. Put those numbers to see how much money you will need for your loan.

A down payment is a sum of money the buyer pays at the outset of a large transactions. The down payment represents a portion of the total purchase price, and the buyer will often take out a loan to finance the remainder.

For the given situation,

The total amount wanted to spend = $5000

Down payment = $500

Tax amount = $340

Money that will need for the loan can be calculated as

⇒ [tex]5000-(500+340)[/tex]

⇒ [tex]5000-840[/tex]

⇒ [tex]4160[/tex]

Hence we can conclude that the money that will need for the loan is $4160.

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First, we need to figure out how much you want to borrow. You said you wanted to spend $5,000, and you will put $500 down. Based on that, we can estimate your taxes to be $340. Put those numbers to see how much money you will need for your loan.​

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What is down payment?

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First, we need to figure out how much you want to borrow. You said you wanted to spend $5,000, and you will put $500 down. Based on that, we can estimate your taxes to be $340. Put those numbers to see how much money you will need for your loan.