Question

If you buy a home for $175,000, how much down payment will you need to make if the lender requires a down payment of 15 percent?

Answer 1

To calculate the down payment for a home priced at $175,000 with a lender requirement of 15 percent, multiply the purchase price by 0.15, which results in a down payment of $26,250.

Step-by-step explanation:

If you buy a home for $175,000 and the lender requires a down payment of 15 percent, you will need to calculate 15% of the home's purchase price to determine how much the down payment will be. To do this, multiply the total cost of the home by 0.15 (the decimal representation of 15%).

Calculation: $175,000 × 0.15 = $26,250

Therefore, you would need to make a down payment of $26,250 for a home priced at $175,000 with a required down payment of 15 percent.