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A lender requires a minimum down payment of 16% of the value of the home. You have $30,000 cash available to use as a down payment toward a home. Determine the maximum home value that you can finance. You can afford to finance a home worth at most $.________Round your answer to the nearest dollar.

User Shauntee
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1 Answer

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Let

x ----> the value of the home

Remember that

16%=16/100=0.16

so

the inequality that represents this situation is equal to


0.16x\leq30,000

Solve for x


\begin{gathered} x\leq(30,000)/(0.16) \\ x\leq\$187,500 \end{gathered}

The answer is $187,500

User Mohammad Nikravesh
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