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You have saved 18000 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

Respuesta :

Money saved for down payment = 18000

Minimum down payment required by the bank = 11%

Let the maximum price that can be offered be = P

[tex]\frac{11}{100}P=18000[/tex]

[tex]11P=1800000[/tex]

P=163636.36

Hence a maximum price of 163636.36 can be offered for a home that can have a down payment of 18000.

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