Question

ABC bank requires a 20% down payment on all of its home loans. If a house is priced at $165000 what is the amount of the down payment required by the bank

Answer 1

The required down payment would be 165,000 * .2 = 33,000

Answer 2

The correct answer would be $33,000.

Step-by-step explanation:

If a person takes loan from a bank for purchasing his house which is priced $165,000, then this bank can demand a down payment. This down payment can be of different percentage like 10%, 15%, 20%, etc. If the bank demands 20% down payment on all of its home loans, then a person who is going to take loan for purchasing a house of worth 165,000 dollars will have to give a down payment of

165000 * 20%

165000 * 0.2

33000 Dollars