Question

1. Bob offered $92,000 on a home that was listed at $97,000. The seller agreed to the offer. A 20% down payment is required. What is the amount of the down payment?

Answer 1

Answer: $18,400

Explanation:

A down payment for a house is the amount of money that is paid upfront when buying a home. It is expressed as a percentage, and calculated as the value of the down payment divided by the price.

Since Bob offered $92,000 on the house and a 20% down payment is required, the down payment will be:

= 20% of $92,000

= 20/100 ×92000

= 0.2 × 92000

= $18,400

The down payment is $18,400.