Question

You have saved $18,000 for a down payment on a house. Your bank requires a minimum down payment of 17%. What is the maximum price you can offer for a home in order to have enough money for the down payment?(Round your answer to two decimal places).

Answer 1

$105,882.35


18,000/? = 17/100
18,000/17 = 1,058.82 (+additional decimal places I didn’t include)
1,058.82 x 100 = 105,882.35