Question

You have saved $22,000 for a down payment on a house. Your bank requires a minimum down payment of 11%. 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

9514 1404 393

Answer:

$200,000

Explanation:

If P is the offer price, you want ...

0.11P = 22000

P = 22000/0.11

P = 200,000

You can offer up to $200,000.