Question

ABC bank requires a 20% down payment on all its home loans. if the house is priced at $105,000, what is the amount of the down payment required by the bank?

A) $21,000
B) $210,000
C) $14,500
D) $18,000

correct answer is A) $21,000

Answer 1

The answer is A) $21,000

20% is 1/5

1/5 of 105,000 is 21,000

Answer 2

A) $21,000

Explanation:

Percentage of down payment that ABC bank requires to be paid = 20%

Price of the house = $10500

Then

Amount of down payment

that needs to be made = (20/100) * 105000

= 21000 dollars