Ortiz Peterson
05/23/2023 · Elementary School
You have found a house that you would like to purchase. The amount of the home is \( \$ 225,000 \). You would like to finance the home through your local credit union but they require a \( 10 \% \) down payment. Determine the amount needed for the down payment so that the bank will finance the home purchase. \( \begin{array}{ll}\text { a. } \$ 22,500 & \text { c. } \$ 225,000 \\ \text { b. } \$ 202,500 & \text { d. } \$ 2,250\end{array} \)
UpStudy ThothAI Solution
Tutor-Verified Answer
Step-by-step Solution
To determine the amount needed for the down payment, you can calculate \( 10\% \) of the home's price, which is \( \$ 225,000 \).
\[
\text{Down Payment} = 10\% \times 225,000 = 0.10 \times 225,000 = 22,500
\]
So, the amount needed for the down payment is \( \$ 22,500 \).
The correct answer is \( \text{a. } \$ 22,500 \).
Quick Answer
The down payment is \( \$ 22,500 \).
Therefore, the correct answer is a. \( \$ 22,500 \).
Answered by UpStudy AI and reviewed by a Professional Tutor
UpStudy ThothAI
Self-Developed and Ever-Improving
Thoth AI product is constantly being upgraded and optimized.
Covers All Major Subjects
Capable of handling homework in math, chemistry, biology, physics, and more.
Instant and Accurate
Provides immediate and precise solutions and guidance.
Try Now
Ask Tutors
Ask AI
10x
Fastest way to Get Answers & Solutions
By text
Enter your question here…
By image
Re-Upload
Submit