MATH SOLVE

4 months ago

Q:
# Working with Percents A lender requires a minimum down payment of 16% of the value of the home. You have $25,000 cash available to use as a down payment toward a home. Determine the maximum home value that you can finance. You can afford to finance a home worth at most s Round your answer to the nearest dollar.

Accepted Solution

A:

Answer:maximum amount that can be financed is $156,250Step-by-step explanation:Data provided:Minimum down payment required by the lender = 16% of the value of homeAvailable cash in hand = $25,000Now,the maximum amount of down payment that can be paid = $25,000let the maximum amount that can be financed is 'x' also, 16% of x = $25,000or0.16 × x = $25,000orx = [tex]\frac{\$\textup{25,000}}{\textup{0.16}}[/tex]
orx = $156,250Hence, the maximum amount that can be financed is $156,250