Question

A house sells for $175,000 and a 10% down payment mude. A mortgage was secured at 53% for 20 years. Found the downpayment.

Answer 1

To find the down payment, we need to calculate 10% of the selling price of the house.

The selling price of the house is given as $175,000. To calculate the down payment, we use the formula:

Down payment = (Percentage / 100) * Selling price

Substituting the given values into the formula:

Down payment = (10 / 100) * $175,000

Calculating the down payment:

Down payment = 0.10 * $175,000

Down payment = $17,500

Therefore, the down payment for the house is $17,500.