Question

You have saved $22,000 for a down payment on a house. Your bank requires a minimum down payment of 17%. What is the maximum price you can offer for a home in order to have enough money for the down payment? (Round your answer to two decimal places.)

Answer 1

You have saved $22,000 and Your bank requires a minimum down payment of 17%.

So $22,000 is 17% of my down payment.

We need to find 100% to know the maximum price you can offer for a home

x is going to be my maximum price

Use the rule of three to find x

x ----------------- 100%

$22,000 ---------- 17%

x = (22,000 * 100)/ 17

x = 129411.7647

Rounded two decimal places

x = 129411.76